Spirit Airlines said Friday it had reached an agreement with its bank card processor to increase its debt refinancing timeline again until December, hours before it was attributable to hit the deadline.
Spirit said in a filing late Friday that it drew down the complete $300 million revolving credit facility earlier this week and expects to finish the yr with liquidity of just over $1 billion .
“As previously disclosed, the company continues to engage in active and constructive discussions with the holders of its senior secured notes due 2025 and its convertible senior notes due 2026 regarding their respective maturities,” Spirit said in a filing late Friday.
The deadline had previously been set for September and was prolonged to October 21 before Friday's change. The airline's stock closed at a brand new low on Friday, down about 3% and trading at lower than $1.50 per share.
The Miramar, Florida-based airline has furloughed employees, cut its schedule and postponed aircraft deliveries over the past yr to get monetary savings.
Many of his planes were grounded due to one Pratt & Whitney Engine recall. It also reported weaker-than-expected bookings and the planned takeover by JetBlue Airways was thwarted after it was blocked by a federal judge on antitrust grounds.
Its shares are down greater than 90% to date this yr and nearly 40% to date in October alone.
earlier this month That's what the Wall Street Journal said The freight forwarder is considering filing for bankruptcy. Spirit and advisor Perella Weinberg Partners didn’t immediately comment on the matter.
image credit : www.cnbc.com