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FTI Consulting handles Spirit Airlines as it files for Chapter 11 for the second time in less than a year due to a heavy debt load of $2.5B and a financial loss of $256M on $1.3B in Q2 revenues.
The airline, which emerged from Chapter 11 in March, believes another filing would provide it the tools, time and flexibility to complete a financial and operational transformation.
"Since emerging from our previous restructuring, which was targeted exclusively on reducing Spirit's funded debt and raising equity capital, it has become clear that there is much more work to be done and many more tools are available to best position Spirit for the future," said CEO Dave Davis.
During the latest restructuring, the no-frills carrier promises to conduct business as normal during the restructuring process.
Customers can continue to book, travel and use tickets, credits and loyalty points. Wages and benefits will be paid to employees and contractors.
FGS Global, which is owned by KKR, handled Spirit’s first Chapter 11, which was filed in Nov. 2024.
FTI serves as the Dania Beach, FL-based airline’s restructuring, fleet and communications advisor during the current Chapter 11 go-around.
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