Spirit Airlines, Inc. revealed on Wednesday in a statement that it managed to exit the Chapter 11 bankruptcy "significantly delevraged" and with "greater financial flexibility."
"We're pleased to complete our streamlined restructuring and emerge in a stronger financial position to continue our transformation and investments in the Guest experience. Throughout this process, we've continued to make meaningful progress enhancing our product offerings, while also focusing on returning to profitability ... We're moving forward with our strategy to redefine low-fare travel with our new, high-value travel options," CEO Ted Christie mentioned.
The company's Board of Directors was reconstituted. Apart from Christie, it includes six more directors. Spirit's common stock was cancelled, with newly issued shares expected "to trade in the over-the-counter marketplace." Nonetheless, the business hopes to re-list its shares on a stock exchange as soon as possible.
