Trump signals tariff plans, Fed chair candidates, China deal progress
Mark Dunkerley, a director at Spirit Airlines , Inc. (NYSE:OTC:SAVEQ), reported the sale of 20,217 shares of common stock on December 17, according to a recent SEC filing. The shares were sold at an average price of $0.59, totaling approximately $11,928. Following this transaction, Dunkerley holds 16,901 shares directly, as noted in the filing. The sale comes as Spirit Airlines faces significant challenges, with the stock down nearly 97% year-to-date and trading at just 0.13 times book value. The company's market capitalization has decreased to $48.19 million, while operating with substantial debt and rapid cash burn.InvestingPro analysis reveals over 19 additional key insights about Spirit Airlines' financial health and valuation metrics. Access the comprehensive Pro Research Report for a deep dive into what matters most for your investment decisions.
In other recent news, Spirit Airlines has been making significant strides in response to its financial challenges. The airline has sold 23 of its A320ceo/A321ceo aircraft to GA Telesis for approximately $519 million, a move expected to increase its liquidity by an estimated $225 million by the end of 2025. Meanwhile, the company is grappling with the fallout of failed merger talks with Frontier Airlines, a development that has led to analysts from TD Cowen and Citi maintaining a Sell rating on the company.
Spirit Airlines is also dealing with the anticipated filing for Chapter 11 bankruptcy in the Southern District of New York. This action is part of a broader restructuring effort, with over 78.6% of beneficial owners of the 2025 Notes already agreeing to support the proposed amendments. Recent developments also include a FAA prohibition on U.S. flights to Haiti due to safety concerns, following an incident where a Spirit Airlines flight was targeted by gunfire.
Despite these challenges, Spirit Airlines has been making financial maneuvers, including extending its credit agreement with U.S. Bank National Association and identifying cost reduction opportunities of approximately $80 million annually. Analysts from Susquehanna and TD Cowen have maintained cautious outlooks for the company, emphasizing the importance of these financial decisions. These are the recent developments for Spirit Airlines as it works towards financial stability.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.