Frontier reportedly drops bid for Spirit
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 13 November 2024
⏱️ 5 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Wednesday, November 13th. I'm Julie Morgan. Frontier is reportedly planning to fly solo. |
| 0:16.0 | Direct TV dishes out an ultimatum, and Mexico fires back at Trump tariffs. |
| 0:22.3 | Spirit Airlines is inching closer towards bankruptcy after Frontier Group reportedly abandoned |
| 0:27.7 | a bid to acquire the company. According to sources cited by the Wall Street Journal, |
| 0:32.6 | a bankruptcy filing by Spirit is imminent, with a carrier currently in advanced talks with bondholders to work |
| 0:39.2 | out a plan that would gain the support of its creditors. The bankruptcy is expected to occur |
| 0:44.0 | within weeks, sources told the publication. The struggling carrier recently obtained an extension |
| 0:49.6 | with its credit card processor, extending its debt refinancing deadline to December 23rd. While the |
| 0:56.1 | lifeline launched shares higher amid expectations the carrier might avoid going belly up, the shares |
| 1:02.2 | continued to wallow near their historic lows. Spirit Airlines is down 62% in pre-market action. |
| 1:10.7 | Direct TV plans to abandon its planned purchase of DISH Network in less than 10 days if |
| 1:16.3 | bondholders don't agree on a debt exchange. A DirecTV spokesperson said in an emailed statement |
| 1:22.2 | to Bloomberg that a successful exchange was a condition for acquiring the DISH video business. The statement goes |
| 1:28.8 | on to say that given the outcome of the Echo Star Exchange, Direct TV will have no choice but |
| 1:34.6 | to terminate the acquisition of DISH by midnight on November 22nd. A group of Dish bondholders |
| 1:40.7 | on Monday rejected an improved offer by DirecTV. Telecom operator AT&T and joint venture partner |
| 1:48.1 | TPG Capital agreed in late September to merge their direct TV service with Echo Stars' Dish. The deal is |
| 1:55.4 | contingent upon DISH's bondholders agreeing to take a haircut on the principal amount of the |
| 2:00.7 | company's debt. |
| 2:02.6 | Mexico would retaliate with its own tariffs on U.S. imports if the president's elect follows |
| 2:09.1 | through on his threats to impose 25 percent duties on Mexican goods. This was a warning from |
... |
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