Spirit Bolsters Finances by Borrowing $275 Million, Extending Credit Card Processing Deal

Spirit bolsters finances by borrowing $275 million, extending credit card processing deal

Financially troubled Spirit Airlines moved to strengthen its cash position by renewing its credit card processing contact and borrowing the entire $275 million from its credit line.

Spirit Airlines Secures $275 Million Lifeline Amid Ongoing Struggles

Spirit Airlines has drawn $275 million from its revolving credit line to prevent a cash shortfall that could have disrupted ticket sales. The company disclosed in a U.S. Securities and Exchange Commission filing that at least $50 million of this amount was set aside as collateral for U.S. Bank, its credit card processor. Without that […]

Spirit Air Borrows $275 Million to Avoid Card Payment Disruption

Spirit Airlines Inc. borrowed $275 million via a revolving credit facility to avert a looming cash crunch that had threatened to cut off the company’s ability to accept credit card payments from customers.

Spirit Airlines Faces Renewed Financial Crisis With Second Bankruptcy Possible - The Bulkhead Seat

Spirit Airlines is once again staring down bankruptcy less than six months after emerging from its last court protection. The low-cost carrier is bringing in new advisers and warning that it may not survive another year without drastic action. According to The Wall Street Journal, Spirit has hired PJT Partners as a financial adviser to explore “strategic alternatives” while also working with consulting firms FTI and Seabury Airline Strategy Grou…