Watson Farley & Williams LLP (“WFW”) acted as aviation counsel, with Akin Gump Strauss Hauer & Feld LLP as principal counsel, to an ad hoc group of secured bondholders on the Chapter 11 restructuring of Spirit Airlines (“Spirit”). Spirit announced the close of its financial restructuring and emergence from bankruptcy on 12 March 2025.
As a part of the confirmed Chapter 11 plan, Spirit equitised US$795m of funded debt, received US$350m in new equity investment from its prepetition secured bondholders and convertible noteholders, and issued US$840m in secured notes (secured on aircraft, engines, parts, brand IP and loyalty programme) to the prepetition secured bondholders and convertible noteholders.
The WFW team that advised the ad hoc group of secured bondholders was led by Global Aviation and Aerospace Sector Head Jim Bell and New York Partner Philip Jackmauh. They were supported by a New York based team comprising Partners Chris Belisle, Susanne Burstein and Steven Hollander, Counsel Celinda Metro, Senior Associate Julia Sim, and Associate Lucie Couillard Sosa.
Jim commented: “We are pleased to have partnered with Akin Gump to support of our clients on this matter. We are global experts in transport, energy and infrastructure and this matter showcases our ability to support on high-profile and complex matters within our sectors throughout the world”.
