Spirit Airlines' reorganization plan was approved on Feb. 20 by the Bankruptcy Court for the Southern District of New York. With the approval, Spirit said it expects to emerge from Chapter 11 in the coming weeks.
Under the approved plan, Spirit will equitize $795 million of funded debt, receive $350 million of new equity investment and issue $840 million aggregate principal amount of new senior secured debt to existing bondholders upon emergence from bankruptcy.
In addition, Spirit will enter into a new revolving credit facility of up to $300 million.