Spirit Airlines reports Q3 losses; outlines Chapter 11 recovery plan

Home
»
Stories
»
2024
»
November

GLOBAL INDUSTRY NEWS

Qatar Airways In Talks To Buy 20% Of Virgin Australia - Airline Ratings

Boeing Will Buy Spirit AeroSystems For $4.7 Billion In Stock & Airbus Enters $559 Million Agreement For Its Parts

Bombardier Global Jet Production Stops in Toronto as Union Workers Strike | AIN

Global Industry News

Spirit Airlines reports Q3 losses; outlines Chapter 11 recovery plan

Policy

Airbus A380 | Airbus

By Sky Industry News

Nov 26, 2024

Spirit Airlines has reported a significant financial loss for the third quarter of 2024, amounting to $308.2 million. The airline's financial struggles have raised concerns about its ability to continue operating, with management acknowledging "substantial doubt about the Company's ability to continue as a going concern."

As of September 30, Spirit Airlines held $593.6 million in cash and equivalents. However, it faces looming debt obligations, including $33.5 million due by the end of the year and $1.1 billion in long-term debt repayments scheduled for 2025. The total principal payments on its debts from Q4 2024 through 2029 are estimated at $3.2 billion.

The airline's shares are set to be delisted following its voluntary Chapter 11 bankruptcy proceedings announced on November 18. Despite these challenges, Spirit Airlines assured passengers that operations would continue during this period.

Get the Newsletter

Sign-up to receive weekly round up of news from Sky Industry News

By submitting, you agree to our Privacy Policy and Terms of Service. By providing your phone number you are opting in and consenting to receive recurring SMS/MMS messages, including automated texts, to that number from our short code. Msg & data rates may apply. Reply HELP for help, STOP to end. SMS opt-in will not be sold, rented, or shared.

Operationally, Spirit Airlines slightly reduced capacity by 1.2% year-on-year but saw a modest increase in demand measured by revenue passenger miles (RPM). The airline operated more aircraft compared to the previous year but faced challenges with Pratt & Whitney PW1100G engine removals affecting some of its fleet.

Financially, Spirit ended Q3 with revenues of $1.1 billion against operating expenses of $1.4 billion, both figures remaining relatively unchanged from the previous year when it also recorded losses.

The company is engaged in negotiations with creditors regarding senior secured notes due in upcoming years and has signed agreements aiming for restructuring support if approved by the US Bankruptcy Court for the Southern District of New York.

Amidst an increasingly challenging pricing environment and anticipated operational changes aimed at targeting premium leisure travelers, Spirit Airlines continues to face risks associated with its ongoing Chapter 11 cases.

Organizations Included in this History

Simple Flying

More News

Emirates donates upcycled backpacks and supplies through Aircrafted KIDS initiative in Egypt

Emirates has expanded its Aircrafted KIDS initiative to the Middle East and North Africa region, starting with the donation of 800 bags to two non-profit organizations in Egypt.

Aug 1, 2025

Airline Pilots Association urges sustained air traffic control modernization

The Airline Pilots Association (ALPA) has issued a statement on X, urging policymakers to prioritize the ongoing modernization of air traffic control (ATC) systems.

Jul 31, 2025

ITA Airways extends Tel Aviv flight suspension through Sept. 30

ITA Airways announced on X that it is extending the suspension of flights to and from Tel Aviv through September 30, including the cancellation of flights AZ809 and AZ815 on October 1.

Jul 31, 2025

Emirates to launch daily flights from Dubai to Hangzhou

Emirates has announced on X its plans to launch daily flights from Dubai to Hangzhou, marking an expansion of its network in China.

Jul 31, 2025

Ethiopian Airlines adds second daily flight from Juba to India

Ethiopian Airlines has announced on X that it is now operating twice-daily flights from Juba, South Sudan, to India, enhancing connectivity for travelers.

Jul 31, 2025