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Chapter 11 bankruptcy

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
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
Business
Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy
Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy Struggling home goods retailer Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, April 23 with plans to close all of its remaining stores after efforts to raise enough money to keep the company alive came up short. The company said in a statement that it will implement "an orderly wind-down" of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.  For now, 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as the com…

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by Joe Lombardi
Business
These Regal Cinema Theaters In The DMV Region Will Be Closing For Good These Regal Cinema Theaters In The DMV Region Will Be Closing For Good
These Regal Cinema Theaters In The DMV Region Will Be Closing For Good The show will not be going on for several Regal Cinemas locations in the DMV area as the theater’s parent company contends with Chapter 11 bankruptcy concerns. A total of 39 Regal theaters across the country are set to shutter their doors - following the closure of several others that have already been shut down - after parent company, Cineworld filed for bankruptcy last year. In Maryland, Virginia, and Washington, DC, these Regal Cinemas theaters will soon be a relic of the past: Bowie Stadium 14 in Maryland; Rockville Center Stadium 13 in Maryland; Greenbriar Stadium 13 in Chesapeake…

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by Zak Failla