left-caret

NEWS

Paul Hastings Advises Bondholders in Confirmed Spirit Airlines Chapter 11 Bankruptcy Exit

March 12, 2025

Paul Hastings LLP advised an ad hoc group of convertible bondholders in the Chapter 11 bankruptcy cases for Spirit Airlines, Inc. Spirit announced the consummation of its financial restructuring and emergence from bankruptcy on March 12, 2025. As a part of the confirmed Chapter 11 plan, Spirit equitized $795 million of funded debt, received $350 million in new equity investment from its prepetition secured bondholders and convertible noteholders, and issued $840 million in secured notes to the prepetition secured bondholders and convertible noteholders. Spirit expects to relist its shares on a stock exchange as soon as reasonably practicable pursuant to the terms of its Chapter 11 plan.

Financial Restructuring partners Matt WarrenGeoff King and Zach Cochran are leading the Paul Hastings team, which also includes partners James Gallagher, Brian Kelly and Daniel Nicholas; of counsel Gary Silber and associates Andrew Barondess, Tim Cusack, Valerie Eliasen and William Reily.

More details on the transaction can be found here.

About Paul Hastings

With widely recognized elite teams across 17 core practices, Paul Hastings is a premier law firm with a culture of excellence focused on providing intellectual capital and superior execution globally to the world’s leading investment banks, asset managers and corporations.

Practice Areas

Financial Restructuring


SIGN UP FOR NEWS INSIGHTS

MEDIA CONTACTS

Corporate

Natalie Gewargis

Litigation

Becca Hatton

Europe

Miranda Ward

Paris

Katy Foster

Firmwide Inquiries

Elliott Frieder