Spirit Airlines airplanes. Credit: YES Market Media/ShutterstockDavis Polk Lands Spirit Chapter 11 Amid Bankruptcy Resurgence
After a slower Q3, the rate of large corporate bankruptcies picked up in October.
November 18, 2024 at 02:53 PM
2 minute read
What You Need to Know
- Spirit Airlines filed for bankruptcy on Monday with Davis Polk as debtors counsel.
- The company hopes to reduce its funded debt by nearly $800 million.
- After a slowdown in corporate bankruptcy in Q3, filings picked back up in October and November.
The task of keeping the yellow planes with the cheap seats in the sky has fallen to Davis, Polk & Wardwell, which filed a petition for Chapter 11 bankruptcy relief in the U.S. Bankruptcy Court for the Southern District of New York early Monday morning.
Davis Polk has been working with Spirit since at least February, the Wall Street Journal first reported, when a proposed acquisition by JetBlue was blocked by a Massachusetts federal judge. Monday’s filing followed a more recent round of failed merger talks, this time with Frontier Airlines.
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