Spirit Bankruptcy Rumors

eolesen

eolesen

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Jul 23, 2003
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The article is titled for Azul.... Spirit is briefly mentioned, but this is the second source this week questioning if they'll be filing or not...


The Harris-Biden administration turning down the merger with JetBlue really accomplished a lot if they do wind up filing. The stock has lost over 80% of its value, and they're furloughing pilots.
 
eolesen said:
The article is titled for Azul.... Spirit is briefly mentioned, but this is the second source this week questioning if they'll be filing or not...


The Harris-Biden administration turning down the merger with JetBlue really accomplished a lot if they do wind up filing. The stock has lost over 80% of its value, and they're furloughing pilots.
Click to expand...


The Biden-Harris administration has done nothing but attack the Airline Industry. The Harris-Waltz administration will be just as bad.

www.fool.com

Down 97%, Is It Time to Buy Spirit Airlines Stock? | The Motley Fool

The sentiment surrounding this business has never been lower.
www.fool.com www.fool.com
 
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  • #5
It's a pre-packaged bankruptcy, which means the debtors agreed to keep the guys who led Spirit into going broke will remain in control.
 
eolesen said:
It's a pre-packaged bankruptcy, which means the debtors agreed to keep the guys who led Spirit into going broke will remain in control.
Click to expand...

Working for a competitor I’d have to call that a good thing then.

Maybe they can spend a few more mullion for some nice foliage around that new $500 Million Corporate HQ they just finished in Dania Beach.
 
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Or, it keeps them around long enough to have Trump in office and a merger with F9 approved at a much lower cost than what it would have been 2 years ago.
 
eolesen said:
Or, it keeps them around long enough to have Trump in office and a merger with F9 approved at a much lower cost than what it would have been 2 years ago.
Click to expand...
Frontier walked away for a second time just recently

www.investopedia.com

Spirit Airlines Stock Sinks on Report Frontier Merger Talks Break Down

Spirit Airlines shares plunged Wednesday on a report that the budget carrier is getting ready to file for bankruptcy protection after revived merger talks with Frontier Airlines parent Frontier Group Holdings collapsed.
www.investopedia.com www.investopedia.com
 
eolesen said:
Or, it keeps them around long enough to have Trump in office and a merger with F9 approved at a much lower cost than what it would have been 2 years ago.
Click to expand...

I’d tend to agree and likely the reason Frontier walked away. Why not let them go through that Bankruptcy and maybe get some financials in order before joining forces.

If they do they really should get rid of the Spirit name and go with Frontier. The Spirit name is toxic and comes across as lower class than shopping at Walmart.

 
eolesen said:
The article is titled for Azul.... Spirit is briefly mentioned, but this is the second source this week questioning if they'll be filing or not...


The Harris-Biden administration turning down the merger with JetBlue really accomplished a lot if they do wind up filing. The stock has lost over 80% of its value, and they're furloughing pilots.
Click to expand...
Agree. All the jobless folks can blame Biden and Harris admin. for the BK at Spirit.
eolesen said:
Or, it keeps them around long enough to have Trump in office and a merger with F9 approved at a much lower cost than what it would have been 2 years ago.
Click to expand...
I too was in hopes to see a Frontier/Spirit merger go thru rather than the one with JB. And yes, at a reduced cost to get it done now.
 
Liquidity and Capital Resources

We have evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year from the filing of this Quarterly Report on Form 10-Q. We received approval from the Bankruptcy Court for a variety of “first day” motions to continue our ordinary course operations during the Chapter 11 Case. However, for the duration of the Chapter 11 Cases, our operations and ability to develop and execute our business plan, our financial condition, liquidity and our continuation as a going concern are subject to a high degree of risk and uncertainty associated with the Chapter 11 Cases. The outcome of the Chapter 11 Cases is dependent upon factors that are outside of our control, including actions of the Bankruptcy Court. We can give no assurances that we will be able to secure additional sources of funds to support our operations, or, if such funds are available to us, that such additional financing will be sufficient to meet our needs. Based on such evaluation and management’s current plans, which are subject to change, management believes there is substantial doubt about our ability to continue as a going concern.

 
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All of that including "doubt to continue as a going concern" is fairly standard boilerplate for a SEC filing when you're in bankruptcy.
 
eolesen said:
All of that including "doubt to continue as a going concern" is fairly standard boilerplate for a SEC filing when you're in bankruptcy.
Click to expand...

“Substantial” doubt.

Spirit Airlines stock drops again after airline analyst says company could go out of business after JetBlue merger blocked | abc7news.com

The%20more%20likely%20scenario%20for%20Spirit%20Airlines%20would%20be%20a%20liquidation%20of%20its%20assets%2C%20according%20to%20a%20note%20from%20an%20airline%20analyst.
abc7news.com abc7news.com
 
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