Spirit Airlines exploring bankruptcy option - report
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 4 October 2024
⏱️ 5 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Friday, October 4th. I'm Julie Morgan. |
| 0:12.9 | Spirit Airlines is reportedly weighing its options. |
| 0:16.3 | The Port Strike has ended for now, |
| 0:19.0 | and Hymns and Hers takes a hit on GL. L.P. 1 News. |
| 0:24.0 | Spirit Airlines has reportedly begun discussions on a potential bankruptcy. |
| 0:28.6 | The ultra-low-cost carrier has struggled since March when JetBlue Airways abandoned a merger agreement. |
| 0:35.0 | The Wall Street Journal reported that Spirit has been in talks with creditors |
| 0:39.0 | about the terms of a bankruptcy filing, |
| 0:42.0 | although a restructuring of its balance sheet has also been |
| 0:44.6 | under consideration, the newspaper said that more recently discussions have focused on |
| 0:49.5 | reaching agreement with creditors to support the filing that a filing should it happen is not imminent. |
| 0:58.0 | The journal noted that Spirit has a 3.3 billion dollar debt load with more than $1.1 billion in secured bonds due in less than a year. |
| 1:07.8 | Spirit Airlines is down 36% in pre-market action after closing Thursday 3.45 percent lower. |
| 1:16.0 | Dock workers at ports on the east and Gulf Coast have ended their three-day strike for |
| 1:21.6 | now. Reuters reported citing two sources familiar with |
| 1:25.5 | the matter that the union reached a tentative agreement with employers |
| 1:29.2 | that includes a wage hike of about 62% over six years. |
| 1:34.0 | The increase would raise average wages to around $63 an hour |
| 1:38.6 | over the life of the contract |
| 1:40.2 | compared to the prior $39 an hour. |
| 1:43.0 | The International Longshoremen's Association, |
... |
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