Spirit Airlines extends debt refinancing deadline hours before expiration

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Spirit Airlines extends debt refinancing deadline hours before expiration

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport in Austin, Texas, on Feb. 12, 2024.

Brandon Bell | Getty Images

Spirit Airlines on Friday said it reached an agreement with its credit card processor to again extended a debt refinancing timeline to December, hours before it was set to hit its deadline.

Spirit said in a filing late Friday that earlier this week it drew down the entirety of its $300 million revolving credit facility and expects to end the year with just over $1 billion in liquidity.

“As previously disclosed, the Company ******** in active and constructive discussions with holders of its senior secured notes due 2025 and convertible senior notes due 2026 with respect to their respective maturities,” Spirit said in a filing late Friday.

The deadline was previously set in September and had been extended until Oct. 21 before the Friday change. The airline’s stock closed at a new low Friday, down roughly 3%, at less than $1.50 per share.

The Miramar, Florida-based airline has furloughed workers, slashed its schedule and deferred aircraft deliveries to save cash over the past year.

Many of its planes have been grounded because of a Pratt & Whitney engine recall. It has also reported weaker-than-expected bookings and its planned acquisition by JetBlue Airways was scuttled after getting blocked by a federal judge on antitrust grounds.

Its shares have tumbled more than 90% so far this year and nearly 40% so far in October alone.

Earlier this month,

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the carrier is considering a bankruptcy filing. Spirit and advisor Perella Weinberg Partners did not immediately comment on the matter.

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