Articles tagged “bankruptcy”

After merger talks with Frontier stalled, Spirit is now looking to Castlelake for another way out of Chapter 11 bankruptcy.

The immediate access to $50 million will allow Spirit to stay afloat in the short-term. The airline's creditors are meeting Wednesday and it is widely expected that they will discuss Spirit’s third round of bankruptcy financing.

In court filings, Marriott claims that Sonder sought up to $50 million in emergency funding while allegedly threatening to strand thousands of guests unless Marriott paid up.

To paraphrase Ernest Hemingway: You go bankrupt two ways. Gradually and then suddenly.

The job cuts come after Spirit received a multi-million-dollar lifeline from a U.S. bankruptcy court, giving the ultra-low-cost carrier more legroom to stay afloat.

The move comes after Spirit’s CEO told staff to be prepared for job cuts as it reduces capacity to stay afloat.

Spirit CEO Dave Davis told staff the company could cut more jobs as a result of its plans to significantly reduce capacity this year.

JetBlue is the latest airline to expand in Spirit fortress Fort Lauderdale, hoping to capitalize on the ultra-low-cost carrier’s uncertain future.

Spirit filed for Chapter 11 bankruptcy again in a bid to further restructure and reduce its costs.

Frontier is rolling out 20 new routes, some in direct competition with Spirit. If Spirit falters, Frontier would be well-positioned to scoop up market share.