We advised Spirit in connection with its chapter 11 cases

Davis Polk served as lead counsel to Spirit Airlines, LLC (f/k/a Spirit Airlines, Inc.) and its subsidiaries (collectively, “Spirit”) in connection with their chapter 11 restructuring proceedings. On February 13, 2025, only 87 days after the filing, the Bankruptcy Court confirmed Spirit’s chapter 11 plan of reorganization, which was overwhelmingly supported by 99.99% of all voting creditors. In connection with plan confirmation, the Davis Polk team prevailed against the SEC and U.S. Trustee and procured a 47-page written opinion confirming that the use of “opt-out” third-party releases was permissible. On March 12, 2025, Spirit completed its landmark financial restructuring and emerged from bankruptcy.

Pursuant to the approved plan, Spirit equitized $795 million of funded debt, received a $350 million equity investment and issued $840 million principal amount of new senior secured debt. Spirit also entered into a new $275 million revolving credit facility. Spirit’s vendors, aircraft lessors and holders of secured aircraft indebtedness were left unimpaired. These transactions allow Spirit to emerge a stronger company, better-positioned for success as the airline moves forward with its strategy to redefine low-fare travel with its new, high-value travel options.

The seventh-largest airline in the U.S., Spirit is committed to delivering value to its guests by offering an enhanced travel experience with flexible, affordable options. Spirit employs over 11,000 employees, and serves destinations throughout the United States, Latin America and the Caribbean.

The Davis Polk restructuring team included partners Marshall S. Huebner and Darren S. Klein and counsel Christopher Robertson. The capital markets team included partner Yasin Keshvargar and counsel Christoper H. Van Buren. The finance team included partner David Hahn and counsel Benjamin Cheng and Bernard Tsepelman. Partners Louis L. Goldberg and Brian Wolfe provided corporate advice. The litigation team included partners Ben Kaminetzky, Dana M. Seshens and Rory A. Leraris and counsel Marc J. Tobak. Partner Patrick E. Sigmon and counsel Leslie J. Altus provided tax advice. Partner Travis Triano provided executive compensation advice. Partner Frank Azzopardi and counsel Samantha Lefland provided intellectual property advice. All members of the Davis Polk team are based in the New York office.

Copy link to share post