In This Article:
(Reuters) - No-frills air travel pioneer Spirit Airlines filed for bankruptcy protection on Monday, after struggling with a long run of quarterly losses, failed merger attempt and upcoming debt maturities.
Spirit, known for its bright yellow livery, is the first major U.S. airline to file for Chapter 11 since 2011.
It has not posted a full-year profit since 2019 and has been facing an uncertain future after the collapse of its $3.8 billion planned merger with JetBlue Airways in January.
Below is a list of events, starting with a long-drawn bidding war for the airline two years ago:
Feb. 7, 2022 Spirit Airlines, along with budget carrier
peer Frontier Group Holdings, unveiled plans
to create the fifth-largest U.S. airline in a
$2.9 billion tie-up to tighten competition
against traditional carriers.
April 5, 2022 JetBlue Airways made an unsolicited $3.6
billion bid for Spirit, snarling its merger
plans with Frontier and starting a U.S.
low-cost carrier battle.
May 2, 2022 Spirit board rejected JetBlue's offer, saying
it had a low likelihood of winning approval
from government regulators on antitrust risks.
May 16, 2022 JetBlue launched a hostile all-cash takeover
bid for Spirit Airlines, two weeks after the
rejection of its earlier offer.
May 19, 2022 Spirit urged shareholders to reject a hostile
bid by JetBlue, saying it was "a cynical
attempt to disrupt" its merger with Frontier .
May 23, 2022 Spirit CEO Ted Christie said it is unlikely
shareholders would vote against its proposed
merger with Frontier, to remain a stand-alone
entity if shareholders reject.
June 2, 2022 Frontier agreed to offer a break-up fee of
$250 million in a bid to secure its $2.9
billion bid for Spirit.
June 28, 2022 Spirit again rebuffs JetBlue citing antitrust
concerns, weeks after it raised offer with
higher break-up fee and new ticking fee,
amounting to a $3.8 billion bid.
July 27, 2022 Spirit Airlines canceled its sale to Frontier
Group Holdings after Spirit shareholders
balked at supporting it, weeks after Frontier
declined to further raise its bid, drawing
curtains on the bidding war with JetBlue.
JetBlue prevailed in the months'
July 28, 2022 long bidding war for Spirit Airlines after the
ultra-low-cost carrier
accepted its $3.8 billion buyout
deal.
Oct. 19, 2022 Spirit shareholders voted in favor of JetBlue
Airways' $3.8 billion takeover offer.
Dec, 9, 2022 Spirit offered as much as a 43% cumulative
weighted average pay raise to its pilots over
two years.
Jan. 10, 2022 Pilots at Spirit voted to ratify the contract,
which represents an economic gain of $463