Spirit Airlines has completed its financial restructuring and is ready for growth.

Spirit Aviation Holdings, Inc., the parent company of Spirit Airlines, LLC, announced today the successful completion of its financial restructuring. This process involved converting approximately $795 million of funded debt into equity through a settlement-based transaction, significantly reducing the company's overall debt burden.

As part of the restructuring, Spirit secured a $350 million capital investment from existing investors. This funding will support the airline's future initiatives aimed at enhancing guest travel experiences and delivering greater value. The U.S. Bankruptcy Court for the Southern District of New York approved Spirit's Restructuring Plan with overwhelming support from its loyalty program stakeholders and the majority of convertible bondholders. Under the leadership of President and CEO Ted Christie, Spirit will continue operations while the restructuring process also led to a reformation of its Board of Directors.