Spirit Airlines is taking a significant step in its recovery process following its bankruptcy filing. The airline’s parent company, Spirit Airlines Holdings, announced that its common stock will be relisted on the NYSE American Stock Exchange under the symbol FLYY. This move is a key part of Spirit’s ongoing restructuring efforts.
In a historic first, Spirit Airlines became the first domestic airline to file for Chapter 11 bankruptcy protection since 2011. Earlier this year, in February, a bankruptcy court approved the airline’s $795 million debt-to-equity plan. Spirit Airlines, which reported debts of around $3.3 billion, cited the impacts of the pandemic and a failed merger attempt with JetBlue Airways as the primary reasons behind its financial troubles.
As part of the bankruptcy process, Spirit Airlines was previously removed from the New York Stock Exchange.
In April, CEO Ted Christie stepped down, and Dave Davis, a seasoned aviation industry executive, took over as president and CEO. Davis, who assumed leadership on April 21, is tasked with guiding the airline through its bankruptcy proceedings and working toward profitability. Davis stated, “Listing our common stock on the NYSE American Stock Exchange is an important step in Spirit Airlines’ ongoing transformation as we continue to focus on returning to profitability and positioning our airline for long-term success.”
Related topic:
- What Do U.S. Residents Need to Travel to Canada?
- Jamaica Tourist Board Expands Partnership With ALG Vacations to Boost Tourism
- California Launches Campaign to Win Back Canadian Tourists