Spirit Airlines Q3 2024 report showed that the airline’s cash position and debts have worsened, with the company's management warning that there was a substantial doubt about the airline's ability to continue as a going concern. Looming debt payments Spirit Airlines' Q3 Securities and Exchange Commission (SEC) filing showed that as of September 30, the company had $593.6 million of cash, cash equivalents, and restricted cash.
While during the remainder of the year, the carrier’s long-term debt repayments will be $33.5 million, in 2025, Spirit Airlines will have to repay $1.1 billion of its long-term debt, with total debt principal payments between Q4 2024 and 2029 and beyond being $3.
2 billion. The carrying value and estimated fair value of its long-term debt were $3.2 billion and $2.
9 billion, respectively. At the beginning of the year, Spirit Airlines’ long-term debt-carrying value and estimated fair value were $3.4 billion and $3.
2 billion, respectively. Still, as expected, Spirit Airlines ended the period with a net loss. Its three-month net loss was $308.
2 million, while the nine-month net loss was $643.8 million, both significantly worse than during the respective corresponding periods last year. The airline’s shares should be delisted on November 28 following its voluntary Chapter 11 proceedings, which the carrier announced on November 18.
According to Spirit Airlines, trading of its stock was suspended immediately. Spirit Airlines assured its passengers that i.