Spirit Aviation Holdings, Inc., parent company of Spirit Airlines, LLC, announced that Spirit has emerged from its financial restructuring, completing a consensual, deleveraging transaction that equitizes approximately $795 million of funded debt. With significantly less debt and greater financial flexibility, Spirit emerges as a stronger company better positioned for long-term success.

As part of the restructuring, the Company has also received a $350 million equity investment from existing investors to support Spirit's future initiatives, including investments to provide Guests with enhanced travel experiences and greater value. Spirit's Plan of Reorganization was confirmed by the United States Bankruptcy Court for the Southern District of New York, with overwhelming support from a supermajority of the Company's loyalty and convertible noteholders.

Spirit will continue to be led by Ted Christie, President and Chief Executive Officer, and its existing executive team. 

Spirit emerges with a reconstituted Board of Directors. In addition to Mr. Christie, the Board will include six directors with significant industry and financial leadership experience: Robert A. Milton, David N. Siegel, Timothy Bernlohr, Eugene I. Davis, Andrea F. Newman, and Radha Tilton.

Upon Spirit's emergence, the common stock issued by Spirit Airlines, Inc. was cancelled. Newly issued shares now held by Spirit's new owners are expected to trade in the over-the-counter marketplace. The Company expects to re-list its shares on a stock exchange as soon as reasonably practicable after the Effective Date of Spirit's Plan of Reorganization.