Spirit Airlines Names Dave Davis as New CEO Amid Leadership Restructuring

Spirit Airlines has appointed Dave Davis as its new President and Chief Executive Officer, effective April 21, 2025. Davis will also join the company’s Board of Directors. He previously served as President, CFO, and board member at Sun Country Airlines and brings extensive experience from his time at Northwest Airlines and other industry roles.

Spirit Airlines Announces Leadership Transition

Spirit Aviation Holdings, Inc., the parent company of Spirit Airlines, today announced key changes in its senior leadership team.

Ted Christie, President and Chief Executive Officer, has stepped down from his role and from the company’s Board of Directors, effective immediately. The Spirit Board is currently in the process of appointing a permanent successor.

Until a new CEO is named, Spirit will be led by an interim Office of the President composed of:
- Fred Cromer, Executive Vice President and Chief Financial Officer
- John Bendoraitis, Executive Vice President and Chief Operating Officer
- Thomas Canfield, Senior Vice President and General Counsel

Robert Milton, Chairman of Spirit Airlines, expressed appreciation for Christie’s 13 years of service, highlighting his leadership through the pandemic, strategic challenges, and recent corporate restructuring.

Additionally, Matt Klein, Executive Vice President and Chief Commercial Officer, has also stepped down. He is succeeded by Rana Ghosh, who has been with the company since 2015 and most recently served as Senior Vice President and Chief Transformation Officer.

Milton extended thanks to Klein for his contributions and welcomed Ghosh to his new role.

Spirit Airlines' December 2024 Monthly Operating Report (MOR), filed as part of its Chapter 11 bankruptcy proceedings, provides a financial snapshot of the company's operations during the bankruptcy process.

Key financial highlights include total operating revenue of $460.9 million, primarily from passenger services at $452.8 million. Total operating expenses reached $430.8 million, with major costs including aircraft fuel at $98.1 million, salaries and wages at $143.3 million, aircraft rent at $51 million, and maintenance at $18.7 million. The company reported a net loss of $93.5 million for the month.

The ending cash and restricted cash balance stood at $1.19 billion, including funds from a $300 million debtor-in-possession (DIP) financing. The company had $9.67 billion in total liabilities, including long-term debt, lease obligations, and liabilities subject to compromise under bankruptcy proceedings.

Operational insights show that the company sold two aircraft for a combined $42.8 million, with part of the proceeds used to settle outstanding debt. Spirit made $5.8 million in professional fee payments, primarily related to bankruptcy proceedings. The report also notes $87.6 million in reorganization expenses. Post-petition tax compliance continues, with $105.6 million in accrued taxes.

In terms of bankruptcy progress, the MOR reiterates that equity holders are not expected to recover any value. The reorganization plan was confirmed on February 20, 2025, and Spirit continues operating under court supervision. More details and documents can be accessed at dm.epiq11.com/SpiritGoForward.

This report provides a critical update on Spirit Airlines’ financial and operational state as it moves forward with its restructuring efforts.

Spirit Airlines has filed its monthly operating report for December 2024 as part of its ongoing Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the Southern District of New York. The report provides financial data for the month, including cash flow, liabilities, and operational performance.

Spirit Airlines ended December 2024 with a cash balance of approximately $1.19 billion, reflecting a combination of operational revenue and debtor-in-possession (DIP) financing. The airline generated $460.9 million in total operating revenue, with passenger revenue accounting for $452.8 million. However, total operating expenses reached $430.8 million, leaving an operating income of $30 million. After accounting for interest expenses and reorganization costs, Spirit Airlines reported a net loss of $93.5 million for the month.

The filing also indicates that Spirit sold two aircraft for a total of $42.8 million, using part of the proceeds to settle outstanding debt obligations. The airline continues to manage postpetition tax liabilities and other financial commitments while maintaining operational liquidity.

Spirit Airlines emphasizes that the financial statements provided in the report are unaudited and subject to revision. The company also cautions investors that its reorganization plan does not provide for any recovery to equity holders. Further details, including additional filings and updates on the bankruptcy process, can be accessed through the court-designated website.

Spirit Airlines, Inc. filed an 8-K report on February 6, 2025, providing updates related to its ongoing Chapter 11 bankruptcy proceedings and its equity rights offering.

The company has extended the Subscription Tender Deadline for the equity rights offering to February 20, 2025, a move made in consultation with the Required Backstop Commitment Parties. The original deadline was January 30, 2025, but it was first extended to February 13, 2025. The extension gives investors more time to participate in the offering, which is part of the company's plan to restructure.

Additionally, Spirit Airlines' bankruptcy cases are being jointly administered under case number 24-11988 (SHL) in the Southern District of New York. The filing provides insight into the financial steps the company is taking as it works through its restructuring process.

Spirit Airlines, Inc. filed a Form 8-K on January 29, 2025, providing an update on its ongoing Chapter 11 bankruptcy proceedings. The company filed for Chapter 11 protection on November 18, 2024, with its subsidiaries following on November 25, 2024. The bankruptcy cases are being jointly administered in the U.S. Bankruptcy Court for the Southern District of New York.

Spirit previously entered into a Restructuring Support Agreement (RSA) and filed a proposed reorganization plan, subject to court approval. The company had discussions with Frontier Airlines in 2024 regarding a potential merger, but those talks were discontinued. However, on January 7, 2025, Frontier submitted a new proposal to acquire Spirit, offering $400 million in debt and a 19% equity stake in the combined company. The deal was contingent on Spirit stakeholders completing a $350 million equity rights offering.

After reviewing the proposal with financial and legal advisors, Spirit’s board determined that the offer was less favorable than its existing restructuring plan. The proposal required additional investments that stakeholders were unwilling to make and would have triggered a $35 million backstop fee. As a result, Spirit decided not to pursue the Frontier offer and will continue with its restructuring plan.

The bankruptcy court rescheduled the confirmation hearing for Spirit’s reorganization plan to February 13, 2025. The company expects to complete its restructuring within the first quarter of 2025. Additional details, including letters and presentations exchanged between Spirit and Frontier, are included in the exhibits attached to the filing.

Spirit Airlines, Inc. filed a Form 8-K disclosing updates on its Chapter 11 bankruptcy proceedings. On November 18, 2024, Spirit Airlines and its subsidiaries filed voluntary petitions for relief under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York. The bankruptcy cases are being jointly administered under case number 24-11988.

As part of its restructuring efforts, Spirit Airlines launched a $350 million Equity Rights Offering on December 30, 2024, which was initially set to expire on January 30, 2025. The company has now extended the deadline by 14 days to February 13, 2025, with the possibility of further extensions as permitted under the Equity Rights Offering Procedures.

Spirit Airlines’ common stock was delisted from the New York Stock Exchange, effective December 15, 2024, following a Form 25 filing. The stock began trading on the OTC Pink Market under the symbol “SAVEQ” on November 19, 2024.

The filing also contains forward-looking statements regarding the restructuring, the Equity Rights Offering, and other related matters. These statements are subject to risks and uncertainties, including Spirit’s ability to navigate its bankruptcy proceedings, manage its debt obligations, and adapt to fluctuating market conditions such as fuel prices.

Spirit Airlines emphasized that the forward-looking statements represent management’s views as of the date of the report and are not guarantees of future performance. The company reserves the right to update these statements as needed.