Spirit Aviation Holdings Inc. plans to emerge from its second bankruptcy via a Chapter 11 proceeding that its lead restructuring attorney pledged “will be very, very different from the last one.”
The low-cost airline’s previous bankruptcy, which wrapped up earlier this year, allowed it to unload $795 million in debt but didn’t focus on other matters typically handled during a Chapter 11 case, attorney Marshall Huebner of Davis Polk & Wardwell LLP said during a Tuesday hearing in the US Bankruptcy Court for the Southern District of New York.
Spirit didn’t have to address general unsecured creditors, contract rejections, or ...