Welcome to our dedicated page for Spirit Airls news (Ticker: SAVE), a resource for investors and traders seeking the latest updates and insights on Spirit Airls stock.
Spirit Airlines (SAVE), operated by Spirit Aviation Holdings, Inc., is a low-fare carrier in the scheduled passenger air transportation industry. News about Spirit frequently focuses on its low-fare business model, its evolving Guest experience, and its financial and restructuring activities. The company serves destinations throughout the United States, Latin America and the Caribbean and emphasizes flexible, affordable travel options.
Recent news releases have highlighted major financial restructuring steps, including a restructuring support agreement with a supermajority of certain bondholders and the commencement of a prearranged Chapter 11 process. Spirit has publicly stated that it expects to continue operating flights while using Chapter 11 to reduce debt and adjust its balance sheet. Company communications also note expectations regarding delisting from a national securities exchange and the anticipated cancellation of existing common stock as part of the restructuring.
Operational and product news covers Spirit’s transformed Guest experience, such as the launch of the Go Big, Go Comfy, Go Savvy and Go travel options, all of which include the flexibility of no change or cancellation fees. Releases describe new premium offerings, revised boarding processes with five groups, and priority check‑in at select airports. Marketing campaigns, including collaborations with public figures to promote options like Go Comfy, also appear in the company’s news flow.
Network updates feature new routes and market entries, such as inaugural service in Alabama with daily nonstop flights between Birmingham and Fort Lauderdale. Financial news includes quarterly results, liquidity updates, cost‑saving initiatives, credit facilities and card processing agreements. For investors and travelers, following SAVE news provides insight into Spirit’s restructuring progress, operational adjustments, fare options and route developments.
This news page aggregates these releases and related coverage, allowing users to review historical announcements on restructuring milestones, product changes, leadership updates and network expansions associated with Spirit Airlines and the SAVE ticker.
Spirit Airlines (NYSE: SAVE) has priced its public offering of $440 million in 1.00% convertible senior notes due 2026, aiming for net proceeds of approximately $428.3 million. The offering allows underwriters a 30-day option for an additional $60 million in notes. The initial conversion price is about $49.07 per share, a 40% premium over the recent share price of $35.05. Additionally, Spirit is offering over 10.5 million shares of common stock at the same price per share, with proceeds primarily used to redeem $340 million of its 8.00% senior secured notes due 2025. Both offerings are expected to close on April 30, 2021.
Spirit Airlines (NYSE: SAVE) has initiated a public offering of $440 million in convertible senior notes due 2026. They plan to give underwriters a 30-day option to purchase an additional $60 million in notes. Additionally, Spirit is conducting a registered direct offering of its common stock to holders of its existing convertible senior notes due 2025. Proceeds from these offerings will be used to repurchase portions of the 2025 notes and to redeem up to 40% of its 8% Senior Secured Notes due 2025. The offerings are not contingent on each other.
Spirit Airlines reported first-quarter 2021 results, ending with $1.9 billion in liquidity. Total operating revenues fell 40.2% year-over-year to $461.3 million, primarily due to COVID-19 impacts. Adjusted EBITDA was negative at $199.7 million, while net income was also a loss of $112.3 million. Despite the struggles, CEO Ted Christie noted a rebound in demand towards the end of the quarter, with expectations of improved adjusted EBITDA margins moving forward. Spirit secured $197.9 million in assistance under the American Rescue Plan, maintaining cautious optimism about profitability recovery.
Spirit Airlines (NYSE: SAVE) is set to launch its first international flights from Los Angeles International Airport (LAX) on May 5, offering daily service to Los Cabos (SJD) and Puerto Vallarta (PVR) starting July 1. The expansion includes new nonstop domestic routes to cities like Columbus (CMH), Milwaukee (MKE), and St. Louis (STL), marking a significant growth in Spirit's offerings in Southern California. The recent developments aim to attract passengers as travel resumes, with a total of 30 destinations now served in Latin America and the Caribbean.
Spirit Airlines (NYSE: SAVE) is set to expand its international services by introducing nonstop flights to Puerto Vallarta, Mexico, starting July 1. The airline will provide daily flights from Los Angeles (LAX) and thrice-weekly services from Dallas-Fort Worth (DFW) and Houston (IAH). This marks Spirit's third destination in Mexico, following Cancun and Los Cabos. Additionally, nonstop flights from LAX to Los Cabos will begin on May 5. The airline emphasizes its commitment to passenger safety with enhanced cleaning protocols and biosafety measures.
Spirit Airlines (NYSE: SAVE) announced its new service to Pensacola International Airport (PNS) effective June 10, 2021, marking its first destination in Northwest Florida. The airline will offer seven nonstop routes to cities including Austin, Dallas-Fort Worth, Columbus, Indianapolis, Kansas City, Louisville, and St. Louis. Spirit aims to provide affordable travel options and enhance access to the Gulf Coast. This expansion is part of Spirit's growth strategy, with plans for new aircraft deliveries and an increasing demand for air travel post-pandemic.
Spirit Airlines (SAVE) is expanding its network by adding St. Louis Lambert International Airport (STL) with daily nonstop flights to five destinations including Fort Lauderdale and Las Vegas, starting on May 27, 2021. The announcement marks the addition of STL as the seventh new city in Spirit's network over the past year, aligning with increasing demand for air travel. The airline is also accelerating its Airbus aircraft delivery schedule. Spirit Airlines aims to enhance travel options while ensuring guest safety through rigorous health measures.
Spirit Airlines (NYSE: SAVE) has announced the addition of three new nonstop destinations from LaGuardia Airport (LGA): San Juan, Puerto Rico (SJU) in April, Nashville (BNA) in May, and Los Angeles (LAX) in June. As part of this expansion, the airline will also operate flights from a second terminal at LGA, improving access for travelers. To enhance convenience, Spirit is increasing flight frequency to Fort Lauderdale (FLL) to five daily flights. Safety remains a priority amid the ongoing pandemic, with robust cleaning protocols and passenger safety measures in place.
Summary not available.
Spirit Airlines (NYSE: SAVE) announced that starting June 24, 2021, it will launch daily nonstop flights from Milwaukee Mitchell International Airport (MKE) to Orlando (MCO), Las Vegas (LAS), and Los Angeles (LAX). This makes Spirit the only airline offering direct service from Milwaukee to Los Angeles. The new routes aim to enhance travel convenience for passengers and stimulate demand in the area. Spirit is also committed to safety with enhanced cleaning measures and has recently introduced its Free Spirit® loyalty program, promoting its brand as a leading low-fare carrier.
FAQ
What is the current stock price of Spirit Airls (SAVE)?
What is the market cap of Spirit Airls (SAVE)?
