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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.
