Buttressed by a new round of financing, Spirit Airlines’ trip through U.S. Bankruptcy Court just got easier.
Spirit Aviation Holdings, Inc., parent company of the Dania Beach-based budget carrier, announced it received approval Friday from the court in the Southern District of New York for up to $475 million in debtor-in-possesion financing from its existing bondholders.
The company also won court approvals for a complex agreement with AerCap Ireland Limited, its largest aircraft lessor, to restructure an array of leases in a move that will funnel $150 million to the airline and end leases on 27 planes.
“These approvals mark an important milestone in the Company’s ongoing Chapter 11 restructuring to position Spirit for the future,” the company said in a prepared statement. Of the tota