Wednesday, November 13, 2024 Spirit Airlines, Inc. (“Spirit” or the “Company”) has announced the submission of a Form 12b-25 to the Securities and Exchange Commission (SEC), which is expected to be accessible through the SEC’s EDGAR filing system on Wednesday, November 13, 2024, before the commencement of the market session. This filing includes the following details: The Company has stated that it is unable to submit its Quarterly Report on Form 10-Q for the period ending September 30, 2024 (“Q3 2024 Form 10-Q”) within the prescribed deadline without incurring unreasonable effort or expense.
As previously disclosed, Spirit has been engaged in active and constructive negotiations with holders of its senior secured notes due in 2025 and convertible senior notes due in 2026 (collectively referred to as the “Noteholders”). These discussions are focused on restructuring the Company’s obligations to the Noteholders, exploring strategic alternatives, and identifying methods to improve liquidity. The negotiations, which involve a supermajority of the Noteholders, have made significant progress and remain ongoing.
However, these efforts have required substantial management time and internal resources, diverting attention from the processes needed to finalize financial statements and related disclosures. If a definitive agreement with the Noteholders is reached, the restructuring would likely occur through a statutory process. This process is not expected to negati.
