Spirit Airlines Files Form 12b-25
Spirit Airlines (NYSE: SAVE) has filed Form 12b-25 with the SEC, delaying its Q3 2024 10-Q filing due to ongoing restructuring negotiations with Noteholders. The company is in advanced discussions regarding its senior secured notes due 2025 and convertible senior notes due 2026. The potential restructuring would not affect general creditors, employees, customers, vendors, or aircraft lessors, but would likely result in the cancellation of existing equity.
Q3 2024 operating margins are estimated to be 12 percentage points lower than Q3 2023, with total operating revenues decreasing by approximately $61 million and operating expenses increasing by about $46 million year-over-year.
Spirit Airlines (NYSE: SAVE) ha presentato il modulo 12b-25 alla SEC, ritardando la presentazione del 10-Q per il terzo trimestre del 2024 a causa di trattative di ristrutturazione in corso con i titolari di obbligazioni. L'azienda 猫 in discussioni avanzate riguardo ai propri titoli garantiti senior in scadenza nel 2025 e ai convertibili senior in scadenza nel 2026. La potenziale ristrutturazione non influisce sui creditori generali, dipendenti, clienti, fornitori o locatori di aeromobili, ma potrebbe comportare la cancellazione del capitale esistente.
Si stima che i margini operativi del terzo trimestre del 2024 siano 12 punti percentuali inferiori rispetto al terzo trimestre del 2023, con ricavi operativi totali in diminuzione di circa 61 milioni di dollari e costi operativi in aumento di circa 46 milioni di dollari rispetto all'anno precedente.
Spirit Airlines (NYSE: SAVE) ha presentado el formulario 12b-25 a la SEC, retrasando la presentaci贸n de su 10-Q para el tercer trimestre de 2024 debido a negociaciones de reestructuraci贸n en curso con los tenedores de bonos. La compa帽铆a est谩 en discusiones avanzadas sobre sus notas senior garantizadas con vencimiento en 2025 y notas senior convertibles con vencimiento en 2026. La posible reestructuraci贸n no afectar谩 a los acreedores generales, empleados, clientes, proveedores ni arrendatarios de aeronaves, pero es probable que resulte en la cancelaci贸n de la capital existente.
Se estima que los m谩rgenes operativos del tercer trimestre de 2024 ser谩n 12 puntos porcentuales m谩s bajos que los del tercer trimestre de 2023, con ingresos operativos totales disminuyendo en aproximadamente 61 millones de d贸lares y los gastos operativos aumentando en alrededor de 46 millones de d贸lares en comparaci贸n con el a帽o anterior.
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Spirit Airlines (NYSE: SAVE) a d茅pos茅 le formulaire 12b-25 aupr猫s de la SEC, retardant le d茅p么t de son 10-Q pour le troisi猫me trimestre de 2024 en raison de n茅gociations de restructuration en cours avec les d茅tenteurs d'obligations. La soci茅t茅 est en discussion avanc茅e concernant ses obligations s茅curis茅es seniors arrivant 脿 茅ch茅ance en 2025 et ses obligations convertibles seniors arrivant 脿 茅ch茅ance en 2026. La restructuration potentielle n'affecterait pas les cr茅anciers g茅n茅raux, les employ茅s, les clients, les fournisseurs ou les loueurs d'avions, mais pourrait entra卯ner l'annulation du capital existant.
Les marges op茅rationnelles du troisi猫me trimestre 2024 devraient 锚tre inf茅rieures de 12 points de pourcentage 脿 celles du troisi猫me trimestre 2023, avec des revenus d'exploitation totaux en baisse d'environ 61 millions de dollars et des d茅penses d'exploitation augmentant d'environ 46 millions de dollars par rapport 脿 l'ann茅e pr茅c茅dente.
Spirit Airlines (NYSE: SAVE) hat das Formular 12b-25 bei der SEC eingereicht und die Einreichung des 10-Q f眉r das dritte Quartal 2024 aufgrund laufender Umstrukturierungsverhandlungen mit den Anleihegl盲ubigern verz枚gert. Das Unternehmen befindet sich in fortgeschrittenen Gespr盲chen 眉ber seine besicherten Schuldverschreibungen mit F盲lligkeit 2025 und umwandelbaren Anleihen mit F盲lligkeit 2026. Die m枚gliche Umstrukturierung w眉rde keine Auswirkungen auf allgemeine Gl盲ubiger, Mitarbeiter, Kunden, Lieferanten oder Flugzeugvermieter haben, k枚nnte jedoch zur Stornierung des bestehenden Eigenkapitals f眉hren.
Die Betriebsmargen im dritten Quartal 2024 werden voraussichtlich 12 Prozentpunkte niedriger sein als im dritten Quartal 2023, wobei die Gesamtertr盲ge aus dem Betrieb um etwa 61 Millionen Dollar zur眉ckgehen und die Betriebskosten im Vergleich zum Vorjahr um rund 46 Millionen Dollar steigen werden.
- None.
- Operating margins expected to decline by 12 percentage points YoY in Q3 2024
- Total operating revenues decreased by $61 million compared to Q3 2023
- Operating expenses increased by $46 million YoY
- Potential restructuring likely to result in cancellation of existing equity
- Delayed Q3 2024 Form 10-Q filing due to restructuring negotiations
Insights
Spirit Airlines' delayed Q3 2024 filing and ongoing restructuring discussions signal severe financial distress. The estimated
The removal of change and cancellation fees has hurt revenues, while rising costs across multiple categories (aircraft rent, wages, landing fees) are squeezing margins. The only cost reduction came from fuel expenses, but this wasn't enough to offset other increases. The company's focus on protecting unsecured creditors, employees and operations while potentially wiping out shareholders suggests a Chapter 11 bankruptcy filing may be imminent.
DANIA BEACH, Fla., Nov. 12, 2024 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today announced that it had filed a Form 12b-25 with the Securities and Exchange Commission that is expected to be available on the SEC's EDGAR filing system on Wednesday, November 13, 2024, prior to the opening of the market session. That form will contain the following disclosure:
The Company is unable to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the "Q3 2024 Form 10-Q") by the prescribed due date without unreasonable effort or expense. As previously disclosed, the Company has been in active and constructive discussions with holders of its senior secured notes due 2025 and convertible senior notes due 2026 (collectively, the "Noteholders") with respect to restructuring the obligations owed by the Company to the Noteholders, as well as exploring strategic alternatives and other ways to improve liquidity for the Company. The negotiations, with a supermajority of the Noteholders, have remained productive, have advanced materially and are continuing in the near term, but have also diverted significant management time and internal resources from the Company's processes for reviewing and completing its financial statements and related disclosures. If a definitive agreement with such Noteholders is reached and documented, it would be effectuated through a statutory restructuring that is not expected to impair general unsecured creditors, employees, customers, vendors, suppliers, aircraft lessors or holders of secured aircraft indebtedness, but, if effectuated, is expected to lead to the cancellation of the Company's existing equity. If a definitive agreement with the聽Noteholders is not reached, the Company will consider all alternatives.
The Company estimates its third quarter 2024 operating margin and adjusted operating margin will each be approximately 12 percentage points lower than the operating margin and adjusted operating margin reported for the third quarter 2023 due to lower total operating revenues and higher total operating expenses. Total operating revenues are estimated to have decreased approximately
About Spirit Airlines
Spirit Airlines (NYSE: SAVE) is a leading low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout
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Cautionary Statement Regarding Forward Looking Statements
This press release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") which are subject to the "safe harbor" created by those sections. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. All statements other than statements of historical facts are "forward-looking statements" for purposes of these provisions. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "project," "predict," "potential," and similar expressions intended to identify forward-looking statements. Forward-looking statements include, without limitation, the status of the Company's negotiations with the Noteholders and the possibility that the Company may voluntarily initiate a statutory restructuring process and the potential effects of the initiation of such statutory restructuring process on the Company's liquidity, results of operations and business. Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors include, among others, the Company's ability to reach an agreement with the Noteholders, results of operations and financial condition, the competitive environment in our industry, our ability to keep costs low and the impact of worldwide economic conditions, including the impact of economic cycles or downturns on customer travel behavior and other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as supplemented in the Company's Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2024 and June 30, 2024. Furthermore, such forward-looking statements speak only as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Risks or uncertainties (i) that are not currently known to us, (ii) that we currently deem to be immaterial, or (iii) that could apply to any company, could also materially adversely affect our business, financial condition, or future results. Additional information concerning certain factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
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