A Spirit Airlines aircraft prepares for departure at Austin-Bergstrom International Airport on February 12, 2024 in Austin, Texas.
Brandon Bell | Getty Images
spirit airlines The company announced Friday, hours before the deadline, that it had reached an agreement with its credit card processor to extend its debt refinancing schedule again through December.
Spirit said in a filing late Friday that it fully drew down its $300 million revolving credit facility earlier this week and expects to end the year with just over $1 billion in liquidity.
“As previously disclosed, the Company remains in active and constructive discussions with the holders of its Senior Secured Notes due 2025 and Convertible Notes due 2026 regarding their respective maturities,” Spirit said. it said in a filing late Friday.
The deadline was previously set for September and extended to October 21 before Friday’s change. The company’s stock fell about 3% on Friday, closing at a new low of less than $1.50 per share.
The Miramar, Fla.-based airline has furloughed employees, cut schedules and postponed aircraft deliveries over the past year to conserve cash.
Many planes have been grounded due to this. pratt & whitney Engine recall. The company also reported on lower-than-expected bookings and its acquisition plans. jet blue airlines It was blocked by a federal judge on grounds of antitrust law and sank.
The company’s stock price has fallen more than 90% so far this year, and nearly 40% so far in October alone.
Earlier this month, the Wall Street Journal reported that the company was considering filing for bankruptcy. Spirit and adviser Perera Weinberg Partners did not immediately comment on the matter.
