Spirit alleges that rival airlines seek its demise with stock de-listing imminent

A Spirit Airlines executive argues that major US carriers have sought to put the discounter “out of business” as it faces imminent de-listing from the New York Stock Exchange (NYSE). Spirit’s stock will be de-listed from the NYSE on 16 December, confirming the struggling carrier’s earlier prediction that it would be dropped from the world’s largest exchange amid bankruptcy proceedings. The NYSE notified the US Securities and Exchange Commission (SEC) of the decision in a 5 December filing, which notes that all existing shares will be wiped out as a result of its Chapter 11 restructuring. ”All of the company’s existing common stock and other equity interests will be cancelled without any distributions to the holders of such common stock and other equity interests on account thereof,” reads the SEC filing. Spirit had an opportunity to appeal the NYSE’s decision but did not file such a request. Trading of Spirit stock under the SAVE ticker was suspended following the company’s bankruptcy filing on 18 November. The stock has since started trading on the OTC Pink Market – ”a significantly more-limited market” than the NYSE, Spirit said on 20 November. “The company can provide no assurance that its common stock will continue to trade on this market.” <br/>