Quantcast

Spirit Airlines reports Q3 losses; outlines Chapter 11 recovery plan

GLOBAL INDUSTRY NEWS
These Frequent Fliers Are Done With Loyalty Programs
JetBlue accepting Venmo as payment method for flights purchased through mobile app
United Airlines stock rallies on results, as growing demand wasn’t just about premium seats
American Halts CRJ-200 Operations
Shanghai Airlines to Launch Casablanca Route
Delta employees to receive an average five weeks of pay in annual profit sharing
Akasa Air faces DGCA heat for lapses; warning letter issued to airline's accountable manager
Indigo Eyes European Market Amid Intensifying Competition with Air India
Air India to operate daily Delhi-Prayagraj flights for Maha Kumbh
Engine maker agrees to compensate WizzAir for grounded planes
Turkish Airlines’ flights are riddled with bedbugs, passengers say
British Airways frequent flyers react to Executive Club changes
Inside the short-lived, men-only flights where kids and women were banned but cigar and pipe smoking were rife
China steps up drive to break Boeing, Airbus grip on plane market
Heathrow’s New York service clings to spot in top aviation routes
Airline praises pilots in crash-landing where both died but nearly half the passengers survived
Mexico state airline to buy five Embraer planes next year
A record number of people are expected to fly over the holidays. That's good for travel stocks, but not for passengers.
American Airlines technical issue sparks travel chaos on Christmas Eve as flights heavily delayed after being grounded
Why United Airlines has had such a stellar year despite being Boeing's biggest customer
JetBlue nixing routes between multiple major cities, reducing several others
Airline Stocks Led The Travel Industry's Record 2024 Rally. Here's What's Next.
It’s beginning to look like another record for holiday travel
Qatar Airways cleans up at the World Travel Awards
All of the strikes at European airports this winter – find out if you are affected
Meet the CEO trying to turn around Air India, the 92-year-old airline with a pile of problems
Skiplagging: Unpacking the Risky Travel Trend That Involves Tricking Airlines
Qantas engineers walk off job on one of the busiest travel days of the year
South Korea to safeguard competition after Korean Air, Asiana merger
China Southern returns to Adelaide
Global Industry News
Spirit Airlines reports Q3 losses; outlines Chapter 11 recovery plan
Policy
Webp 9d8e4n9zvnq6npvse1f7c4oouh5n
Airbus A380 | Airbus

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
Subscribe
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

Air India announces operations from Bangkok proceeding as scheduled after earthquake

Air India has announced the resumption of its operations from Bangkok, maintaining its schedule following a devastating earthquake that resulted in significant loss of life.

Apr 4, 2025

Lufthansa launches codeshare flights with ITA Airways

Lufthansa has announced the launch of codeshare flights with ITA Airways, expanding travel options across more than 100 European routes.

Apr 4, 2025

KLM Royal Dutch Airlines adds six new destinations to 2025 flight schedule

KLM Royal Dutch Airlines has announced the addition of six new destinations to its 2025 flight schedule.

Apr 4, 2025

Commercial aviation tackles fuel efficiency to curb costs and emissions

Fuel efficiency is becoming increasingly significant in the aviation sector, affecting economic savings and environmental impacts.

Apr 4, 2025

Operating costs and market status of the Pilatus PC-24 business jet

The Pilatus PC-24, a light business jet from Swiss manufacturer Pilatus Aviation, is notable for its performance and versatility, combining capabilities often seen in larger aircraft.

Apr 4, 2025

The 10 oldest European airports still in operation

Europe has a rich history in aviation, with several of its airports dating back to the early 20th century, a testament to their long-standing significance in global air travel.

Apr 4, 2025

Aviation Comments
Loading...

No comments available.

Trending
1

Delta Air Lines to open renovated flight museum on April 7

2

Newark Airport opens a second sensory room at Terminal A

3

Flying Food Group employee on Unite Here union: 'They're not honest people'

4

Flying Food Group earns EcoVadis badge for sustainability improvements

5

HR Manager of Flying Food Group: 'Vehemently deny' allegations of harassment, discrimination