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Spirit Airlines reports Q3 losses; outlines Chapter 11 recovery plan

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Spirit Airlines reports Q3 losses; outlines Chapter 11 recovery plan
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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.

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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.

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