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Financial Restructuring

Business
Spirit Airlines Exits Bankruptcy After Slashing $795M In Debt, Cutting Jobs Spirit Airlines Exits Bankruptcy After Slashing $795M In Debt, Cutting Jobs
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…

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by Chris Spiker
Business
Updated List Of Scheduled Red Lobster Closures Includes 5 New NY Locations Updated List Of Scheduled Red Lobster Closures Includes 5 New NY Locations
Updated List Of Scheduled Red Lobster Closures Includes 5 New NY Locations Red Lobster plans to close more restaurants just weeks after it filed for bankruptcy, according to a new report. In a bankruptcy petition filed on Sunday, May 19, the company listed assets of $1 billion and liabilities of $10 billion. Days before the filing, dozens of Red Lobster locations were listed as "temporarily closed" on the company's website, including these New York locations: Kingston, Scarsdale, Nanuet, Poughkeepsie, Stony Brook In an updated list of closures reported by CNN on Thursday, June 6, five new locations in New York have been added to the list, including it…

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by Joe Lombardi
Business
Luxury Movie Theater To Close In Dobbs Ferry Luxury Movie Theater To Close In Dobbs Ferry
Luxury Movie Theater To Close In Dobbs Ferry The iPic Theaters Westchester will screen its last film this weekend as the Dobbs Ferry theater will close amid a company restructuring. The closure will be on Monday, Nov. 11 and follows parent company, iPic Theaters filing for bankruptcy over the summer. The Dobbs Ferry location, which opened in April 2017, is the only closure that has been announced. “As part of our financial restructuring, we made the tough decision to close the iPic Westchester location due to economic reasons,” the company announced. “We greatly appreciate all of the support over the years from the local communit…

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by Zak Failla