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Chapter 11 bankruptcy

Business
Frontier Proposes Another Airline Merger With Spirit: Here's How Spirit Responded Frontier Proposes Another Airline Merger With Spirit: Here's How Spirit Responded
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…

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by Chris Spiker
Business
Revealing Clothes, Offensive Tattoos May Now Get You Kicked Off This Airline's Flights Revealing Clothes, Offensive Tattoos May Now Get You Kicked Off This Airline's Flights
Revealing Clothes, Offensive Tattoos May Now Get You Kicked Off This Airline's Flights Travelers on Spirit Airlines may not be allowed on flights with offensive clothing or tattoos, according to a new policy. Spirit made the change in its Contract of Carriage, which was updated on Wednesday, Jan. 22. The new rules allow the airline to deny boarding or remove passengers whose attire or body art is deemed "lewd, obscene, or offensive in nature." The changes, outlined in section 4.3 of the contract, could prevent a flyer from boarding or forcing that person to leave a plane for not following the policy. Passengers removed for violating these rules will not be elig…

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by Chris Spiker
Business
Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months
Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months Arts and crafts retailer Joann is declaring bankruptcy for the second time in less than a year, officials said. Joann filed for Chapter 11 bankruptcy in a Delaware court, the company said in a news release on Wednesday, Jan. 15. The chain known for sewing and other craft materials said the move will help facilitate a sale to maximize the business's value. Interim CEO Michael Prendergast said the bankruptcy declaration was necessary despite the chain's efforts to drastically improve its financial health. "Since becoming a private company in April [2024], the Board and management team h…

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by Chris Spiker
Business
Big Lots To Begin 'Going Out Of Business' Sales At Nearly 1,000 Remaining Stores Big Lots To Begin 'Going Out Of Business' Sales At Nearly 1,000 Remaining Stores
Big Lots To Begin 'Going Out Of Business' Sales At Nearly 1,000 Remaining Stores Big Lots has announced plans to close all of its remaining 963 stores, initiating "going out of business" sales following its Chapter 11 bankruptcy filing in September. The company says it's started the process of closing stores in 48 states and liquidating inventory under its court-supervised Chapter 11 bankruptcy proceedings.  The decision comes as the retailer seeks to maximize value for stakeholders while exploring potential going-concern sale opportunities. "We all have worked extremely hard and have taken every step to complete a going concern sale," Big Lots' President and Chie…

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by Joe Lombardi