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74°
Saturday, jun 13
Tag:
Ted Christie
Business
Spirit Airlines CEO Resigns After Bankruptcy Exit, $800M Debt Cut
Spirit Airlines is changing its senior leadership after exiting bankruptcy and shedding nearly $800 million in debt. Ted Christie, who has led the airline since 2019, stepped down as CEO and president on Monday, April 7. He also resigned from the board of directors for the company based in Dania Beach, Florida. The board has not yet named a permanent replacement, opting for an interim "Office of the President," made up of executive vice president and CFO Fred Cromer, executive vice president and COO John Bendoraitis, and senior vice president and general counsel Thomas Canfield. "Ted has k…
Business
Rival Airline Offering Free Bags, Taunting Southwest: 'We've Always Had Heart'
As Southwest Airlines scraps its well-known "Bags Fly Free" policy, Frontier Airlines is hoping to capitalize. Frontier will give customers a free economy bundle for all nonstop bookings made by Sunday, Mar. 24, the airline said in a news release on Tuesday, Mar. 18. The promotion will apply to most flights between Wednesday, May 28 and Monday, Aug. 18. The economy bundle includes a carry-on bag, free seat selection, and free flight changes. One-way fares start as low as $39 and travelers can check a bag for free using the promo code FREEBAG. The move came less than a week …
Business
Spirit Airlines Exits Bankruptcy After Slashing $795M In Debt, Cutting Jobs
Spirit Airlines has flown past its financial turbulence, as the budget airline exits bankruptcy after shedding nearly $800 million in debt, officials said. Spirit has ended its financial restructuring process, the airline said in a news release on Wednesday, Mar. 12. The Dania Beach, Florida-based company filed for Chapter 11 bankruptcy in November 2024. The airline has finalized a plan that eliminates $795 million in funded debt and it also received $350 million in equity investments. "We're pleased to complete our streamlined restructuring and emerge in a stronger financial position to c…
Business
Frontier Proposes Another Airline Merger With Spirit: Here's How Spirit Responded
Frontier Airlines and Spirit Airlines have discussed a merger yet again, but Spirit rejected the bid in order to pursue a plan to exit bankruptcy on its own. Frontier confirmed the latest merger discussion in a news release on Wednesday, Jan. 29. Spirit also confirmed the talks in a regulatory filing on the same day. The deal first proposed on Tuesday, Jan. 7, offered $400 million in debt and a 19-percent stake in Frontier to Spirit shareholders. Frontier argued the merger would create a stronger low-cost airline while providing more value than Spirit's existing Chapter 11 ba…
Business
Spirit Airlines Slashes Jobs As It Charts Path Out Of Bankruptcy
Spirit Airlines is laying off about 200 employees as the company tries to survive amid bankruptcy proceedings. The budget carrier will eliminate the positions across various departments, a company spokesperson told Daily Voice on Thursday, Jan. 16. The move came as Spirit looks to emerge from Chapter 11 bankruptcy, which it filed for in November 2024. The layoffs, which follow recent pilot furloughs, aim to align the airline's staffing with its current fleet size and level of flying while achieving $80 million in annual cost reductions. "These decisions are never made lightly, and we are c…
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