A Spirit Airlines plane undergoes operations in preparation for departure at Austin-Bergstrom International Airport in Austin, Texas, on February 12, 2024.
Brandon Bell | Getty Images
Spirit Airlines She said Friday that she had reached an agreement with her credit card processor to extend the timeline for refinancing the debt back into December, hours before her deadline.
Spirit said in a statement late Friday that it earlier this week drew down its entire $300 million revolving credit facility and expects to end the year with just over $1 billion of liquidity.
“As previously disclosed, the company remains in active and constructive discussions with holders of its senior secured notes due 2025 and convertible senior notes due 2026 regarding their maturities,” Spirit said in a statement late Friday.
The deadline was previously set for September and was extended to October 21 before changing on Friday. The airline's shares closed at a new low on Friday, down about 3%, at less than $1.50 per share.
The Miramar, Florida-based airline has furloughed workers, cut its schedule and delayed aircraft deliveries to save money over the past year.
Many of its aircraft were grounded due to A Pratt & Whitney Call the engine. It also reported weaker than expected bookings and a planned acquisition by JetBlue Airlines It was aborted after it was blocked by a federal judge on antitrust grounds.
Its shares are down more than 90% so far this year and nearly 40% so far in October alone.
Earlier this month, the Wall Street Journal said the carrier was considering filing for bankruptcy. Spirit and its advisor Perella Weinberg Partners did not immediately comment on the matter.
