Spirit on Verge of Bankruptcy
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Could be alot of pilots looking for jobs.
Makes you wonder if the government should have allowed Spirit buyout by JetBlue.
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You have to remember this doesn’t necessarily mean they’re going bankrupt and losing everything. Remember that delta filed for it in 2005 and emerged out of it in 2007 and then bought northwest airlines in 2008. Delta did it to restructure debt and operations and is now one of the most if not the most profitable airline in the United States. The CEO keeps saying they’re not doing it but we’ll see what actually happens. JetBlue mainly wanted it for more slots on the west coast and newer planes but now with the west coast approach gone and them reducing flights more than adding them out there, it would be interesting to see what happens. One thing is for sure though and that’s if spirit were to ever file for bankruptcy and actually go out of business, JetBlue would be going to try and get the planes and frontier would be the only other company possibly to be aggressive about it.
The difference between Delta and Spirit are worlds apart. Delta is a legacy airlines with routes around the world. The delta BK would look different than a spirit BK. Spirt is overloaded with Debt, engine issues, leasing issues, hurricane issues, miss management, bond holders are caving in and people don’t like them. Airlines make money on the long haul flights. The up and down from places like Florida can keep debt at bay, fill the gas tank and keep the stock at $13 to $15, those routes won’t close billions in debt and pay the current bills. Spirit is burning cash, no profit since 2018-2019. Not good!