Spirit Airlines is trying to rebrand as luxurious (here is what that means)
Part of the airline's emergence from bankruptcy is a conversion of $795 million of debt to equity.
After all the speculation about the future of Spirit Airlines (SAVE) when it filed for bankruptcy protection in November, the low-cost airline rejected a merger with peer low-cost carrier Frontier (FRON) and eventually determined to go private.
On Feb. 20 a judge in U.S. Bankruptcy Court for the Southern District of New York approved Spirit's plan to convert $795 million of debt into equity and hand control to a group of the airline's biggest bondholders.
