Spirit Airlines expects stock to be de-listed from US exchange amid Chapter 11 proceedings

Days after disclosing plans to restructure through Chapter 11 bankruptcy, Spirit Airlines says it expects to be de-listed from the New York Stock Exchange (NYSE). In a 20 November filing with the US Securities and Exchange Commission (SEC), the Florida-based carrier said that the exchange has determined Spirit’s stock – which trades under the SAVE ticker –”is no longer suitable for listing”. The exchange will apply with the SEC to remove Spirit’s listing, and Spirit does not intend to appeal the determination. “Therefore, it is expected that the common stock will be de-listed from NYSE,” Spirit says. Trading of Spirit’s stock was suspended on 18 November, following disclosure of its bankruptcy filing. The stock has since started trading on the OTC Pink Market – ”a significantly more-limited market” than the NYSE, Spirit says. “The company can provide no assurance that its common stock will continue to trade on this market.” On 19 November, the company said its request for “day one” financial relief had been granted by Bankruptcy Court for the Southern District of New York, allowing it to continue paying workers and vendors during the Chapter 11 process. ”Among other benefits, this relief ensures that Spirit’s team members, vendors and other counter-parties will continue to be paid in full in the ordinary course of business and that guests can continue to book and fly without interruption and use all tickets, credits and loyalty points as normal,” the carrier says.<br/>