Citadel, Pimco Set to Own Stakes in Spirit Airlines Post-Bankruptcy

Bloomberg11-28

(Bloomberg) -- Ken Griffin’s Citadel Advisors, Pacific Investment Management Co. and Western Asset Management Co. are among the investment firms poised to own equity in Spirit Airlines Inc. after the ...

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Those notes, along with convertible bonds, will be exchanged for equity in Spirit once it exits bankruptcy next year, according to a description of the restructuring plan submitted in bankruptcy court.About $1.11 billion in senior notes were outstanding at the time Spirit filed Chapter 11 earlier this month. Citadel is the largest single holder of senior notes in the ad hoc group, owning roughly $149.3 million of the debt through affiliates, funds or accounts it manages, according to court documents.Pimco owns $136.4 million, while Franklin Resources Inc.’s Wamco ho","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4500":"航空公司","SAVE":"Spirit Airlines","BK4212":"包装食品与肉类","POST":"Post Holdings","BK4008":"航空公司"},"translate_title":"Citadel和Pimco将在破产后持有Spirit Airlines的股份","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"POST":1,"SAVE":1},"content_text":"(Bloomberg) -- Ken Griffin’s Citadel Advisors, Pacific Investment Management Co. and Western Asset Management Co. are among the investment firms poised to own equity in Spirit Airlines Inc. after the budget carrier restructures its balance sheet in bankruptcy.\nThe three firms are part of a group that owns Spirit’s 8% senior secured notes due in 2025 and is supporting the company’s restructuring plan, according to a Monday court filing. Those notes, along with convertible bonds, will be exchanged for equity in Spirit once it exits bankruptcy next year, according to a description of the restructuring plan submitted in bankruptcy court.\nAbout $1.11 billion in senior notes were outstanding at the time Spirit filed Chapter 11 earlier this month. Citadel is the largest single holder of senior notes in the ad hoc group, owning roughly $149.3 million of the debt through affiliates, funds or accounts it manages, according to court documents.\nPimco owns $136.4 million, while Franklin Resources Inc.’s Wamco holds $106.9 million, court documents show. Other large holders on the ad-hoc committee include AllianceBernstein Holding LP, Arena Capital Advisors and Ares Management Corp. \nLawyers representing the ad hoc committee didn’t respond to requests for comment on Wednesday. \nUnder the terms of the proposed restructuring, which must be approved by a New York bankruptcy judge, about $795 million worth of senior notes and additional convertible notes will be swapped for Spirit’s equity. A separate ad hoc group of convertible noteholders was disclosed in court earlier this month and includes affiliates of Cyrus Capital Partners LP and Shaolin Capital Management. \nThe restructuring plan also calls for the new issuance of $700 million in senior secured notes and $140 million of convertible notes as Chapter 11 exit financing, according to court documents. Spirit will also raise $350 million through an equity rights offering, which is fully backstopped.\nSpirit filed for bankruptcy earlier this month, after a proposed merger with JetBlue Airways Corp. fell through. The carrier has said it already has enough creditor support to execute the restructuring plan and expects to exit Chapter 11 by early March.\nThe case is Spirit Airlines Inc., 24-11988, US Bankruptcy Court, Southern District of New York (Manhattan).\n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2486383745"}