Spirit shots down JetBlue offer

The board of the budget U.S. airline Spirit has shot down the enhanced offer from New York's hometown airline JetBlue in a surprise move claiming the JetBlue/Spirit combination wouldn't pass U.S.  antitrust rules while JetBlue continues its Northeast Alliance arrangements with mega-carrier American Airlines. 

Spirit also said it believes the Justice Department and a court "will be very concerned that a higher-cost/higher fare airline would be eliminating a lower-cost/lower fare airline in a combination that would remove about half of the ULCC capacity in the United States."

H. McIntyre Gardner, chairman of the board of Spirit, published a letter to JetBlue saying the deal given "substantial completion risk, we believe JetBlue's economic offer is illusory, and Spirit's board has not found it necessary to consider it."  He also says the Justice Department and a court "will be very concerned that a higher-cost/higher fare airline would be eliminating a lower-cost/lower fare airline in a combination that would remove about half of the ULCC capacity in the United States."

JetBlue had already thought it waylayed such concerns by promising to sell off some of the Spirit network in and out of the New York region and release gates and slots at Fort Lauderdale to ensure the competition was fair and open. 

It looks like the deal with Frontier will reach a conclusion, despite the lower price and lack of concrete funds or real money, which may mean the combined airline will be facing further financial issues possibly leading to chapter 11 or worse by the end of 2027.  Although, an aviation analyst, whose name has been left off the record seems to suggest that Delta is "standing in the wings"....

 

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JetBlue makes its bid to buy Spirit better.....

Despite customer concern, the New York airline JetBlue has confirmed it has enhanced its offer to buy out budget carrier Spirit this week which smashes the offer from Frontier.   JetBlue now says it will divest some of the overlapping routes and will pay $33 cash per share for all of the outstanding common stock of Spirit. 

To further sweeten the deal, JetBlue has announced it would agree to divest assets of JetBlue and Spirit up to a material adverse effect on Spirit, with a limited carve-out for actions that would adversely impact JetBlue’s Northeast Alliance (NEA) with American Airlines.

The full proposal is here.

Remedy package to address NEA and regulatory concerns: JetBlue would offer a remedy package that includes the divestiture of all Spirit assets in New York and Boston so that JetBlue does not increase its presence in the airports covered by the NEA. The package would also include gates and assets at other airports, including Fort Lauderdale.

Reverse breakup fee: JetBlue would provide for a $200 million reverse break-up fee, representing approximately $1.80 per Spirit share, that would become payable to Spirit in the unlikely event the JetBlue transaction is not consummated for antitrust reasons.

Superior, all-cash premium: JetBlue’s proposal continues to offer Spirit shareholders $33 in cash per common share, a 47% premium to the value of the Frontier transaction as of April 29, 2022 (a) and a 52% premium to Spirit’s share price as of February 4, 2022 (b) (the last trading day prior to the Spirit-Frontier announcement).

“By creating a national competitor to the Big Four airlines, this transaction would deliver meaningful benefits for customers, superior value for shareholders of both airlines, and new opportunities for our combined crewmembers,” said Robin Hayes, chief executive officer, JetBlue. “We have confidence that we can complete this transaction to bring more low fares and great service to more customers. A JetBlue-Spirit combination will deliver enhanced financial strength and accelerate revenue growth and profitability for JetBlue shareholders.”

The regulatory commitments in JetBlue’s enhanced offer represent a significant improvement compared to those offered by Frontier. The revised offer comes after Spirit limited JetBlue’s access to important due diligence data yet requested unprecedented commitments from JetBlue that far exceed those in prior airline transactions.

“Spirit shareholders would be better off with the certainty of our substantial cash premium, regulatory commitments, and reverse break-up fee protection,” Hayes said. “The Frontier transaction has a similar regulatory profile to ours but offers no divestiture commitment and no reverse break-up fee, while the uncertain value of Frontier’s stock exposes Spirit shareholders to significant risk. We hope the Spirit Board will now recognize that ours is clearly a superior proposal and engage with us more constructively than they have to date. We are making our offer public so their shareholders are aware this attractive value-creating opportunity is available to them.”

Spirit shareholders will assume a number of risks if the Frontier transaction moves forward:

Frontier is not required to undertake any divestitures to obtain the necessary regulatory approvals to close its transaction, despite having greater overlap with Spirit on nonstop routes than JetBlue does, among other regulatory hurdles.

Frontier is not required to pay a reverse break-up fee if the transaction is not consummated for antitrust reasons even though the Frontier transaction has a similar regulatory profile as the proposed transaction with JetBlue.

The value of Frontier’s stock, the basis for the transaction’s value to Spirit shareholders, is subject to significant risks and has already declined approximately 14% since Frontier’s offer was announced. Specifically, the value of Frontier’s stock declined from $12.39 on February 4, 2022, to $10.61 on April 29, 2022, which translated into a deterioration of the value of the Frontier transaction of $3.41 per Spirit share or approximately $370 million .

The financial projections underpinning the transaction with Frontier are based on unrealistically optimistic assumptions, especially with respect to costs associated with personnel attrition and wage inflation. Their model does not consider any wage increases for team members, including pilots, at a time of high attrition and an anticipated shortage of pilots.

JetBlue Effect 3x Greater than ULCCs; Similar Regulatory Profile to Frontier

A combined JetBlue-Spirit will create a more compelling national low-fare competitor to challenge the Big Four airlines that control more than 80% of the U.S. market. When JetBlue introduces its unique combination of low fares and award-winning service onto new routes, legacy carriers lower their fares and customers win with more choice. With its positive effect on competition, and backed by its regulatory commitments, JetBlue has a high degree of confidence in its ability to achieve regulatory approval of its acquisition of Spirit.

JetBlue’s entry into new nonstop routes triggers fare decreases from legacy airlines that are more significant than those resulting from ultra-low-cost carriers (ULCCs) – approximately 16%, or three times the result of ULCCs on legacy nonstop routes – known as the JetBlue Effect.

The faster expansion of JetBlue and the JetBlue Effect, coupled with a proposed remedy package and the continued expansion of other ULCCs, will address regulatory concerns that Spirit, the regulators, or the courts may have.

Both transactions would result in companies of similar size, creating the No. 5 U.S. airline: JetBlue/Spirit would have a 9% market share based on full year 2022 seats compared to 8% for a combined Frontier/Spirit.

Contrary to common misperceptions, JetBlue has significantly less overlap with Spirit in terms of flights, seats, and ASMs than Frontier in the metropolitan areas served by both (c). JetBlue overlaps with Spirit only on 48 nonstop routes compared to Spirit and Frontier’s overlap on 76 nonstop routes (d).

The NEA – which JetBlue strongly believes will be allowed to continue because the alliance is delivering the customer benefits promised – is not a factor in this transaction. Given the remedy package, JetBlue's analysis finds that the presence of the NEA would have no meaningful economic effect in a JetBlue-Spirit transaction.

“Customers shouldn’t have to choose between a low fare and a great experience, and with JetBlue, it’s possible for customers to have both,” Hayes said. “Both the NEA and the proposed Spirit transaction are strategic actions that accelerate our existing growth plan and bring the JetBlue Effect to more customers in the Northeast, Florida, and around the country. By bringing together the power of the JetBlue and Spirit teams, this combination would strengthen JetBlue’s ability to grow, deliver outstanding service, and compete in a domestic market dominated by the four largest airlines. We look forward to delivering these benefits to all stakeholders once Spirit determines our proposal to be superior and we close the transaction.”

JetBlue's Revised and Superior Proposal 

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Spirit increase operations at Newark with four new destinations and more flights

The ultra-low-cost U.S. carrier with the bright yellow planes, Spirit, is increasing its options for travellers from New York and New Jersey.  The airline is opening four new routes from Newark - daily nonstop flights will be started to Indianapolis, Los Angeles, Oakland and Pittsburgh.

The budget airline will also slide in a temporary route to Louisville for the Kentucky Derby. The two special flights will only operate on May 5 and May 8.

"We know people are eager to travel this summer, and we're happy to add new, high-value options for Guests looking to visit friends and family in northern New Jersey or those seeking affordable options to travel from the Garden State across the country," said John Kirby, Vice President of Network Planning at Spirit Airlines.

The latest EWR route launches are part of Spirit's continued investment in northern New Jersey. Spirit will offer 24 departures on peak days at EWR, doubling in size compared to 2019. After only six years of serving Newark, Spirit now ranks as the fourth-largest carrier by seats at Newark.

"As our domestic travel options continue to grow, we are excited to have Spirit expand its service routes," said James Gill, general manager of New Jersey Airports. "This helps keep Newark Liberty competitive as it provides business and leisure travellers with additional choices and greater flexibility in planning their trips."

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Frontier Airlines and Spirit Airlines to Combine

Spirit Airlines and Frontier Group Holdings announced this week a definitive merger agreement under which the airlines will merge into one entity forming one of the most competitive ultra-low fare airlines in the U.S.

Together, Frontier and Spirit expect to change the industry for the benefit of consumers, bringing more ultra-low fares to more travellers in more destinations across the United States, Latin America and the Caribbean, including major cities as well as underserved communities. The stronger financial profile of the combined company will empower it to accelerate investment in innovation and growth and compete even more aggressively, especially against the dominant “Big Four” airlines, among others.

William A. Franke, the Chair of Frontier’s Board of Directors and the managing partner of Indigo Partners, Frontier’s majority shareholder, noted that Indigo has a long history with both Spirit and Frontier, and is proud to partner with them in creating a disruptive airline. “We worked jointly with the Board of Directors and senior management team across both carriers to arrive at a combination of two complementary businesses that together will create America’s most competitive ultra-low fare airline for the benefit of consumers.”

“We are thrilled to join forces with Frontier to further democratize air travel,” said Ted Christie, President and CEO of Spirit. “This transaction is centred around creating an aggressive ultra-low fare competitor to serve our Guests even better, expand career opportunities for our Team Members and increase competitive pressure, resulting in more consumer-friendly fares for the flying public. We look forward to uniting our talented teams to shake up the airline industry while also continuing our commitment to excellent Guest service.”

Highly Complementary Networks to Serve Over 145 Destinations Across the United States, Latin America and the Caribbean

Consumers Win With $1 Billion in Annual Savings and Even More Ultra-Low Fares to More Places

Combined Airline to Drive Competition and Expand Service to Underserved Small and Mid-Sized Cities Across the United States

Combined Fleet Will Be the Youngest, Most Fuel-Efficient and Greenest in the United States

Combination Provides Better Opportunities and More Stability for 15,000 Professionals, Adding 10,000 Direct Jobs by 2026

“This combination is all about growth, opportunities and creating value for everyone – from our Guests to our Team Members to the flying public at large,” said Mac Gardner, Chairman of the Board of Spirit. “We’re a perfect fit – our businesses share similar values, including our longstanding commitment to affordable travel. At the same time, we have complementary footprints and fleets, including one of the youngest and greenest fleets worldwide. Together, we will be even more competitive for our Guests and our Team Members, and we are confident we can deliver on the benefits of this combination to consumers.”

“Together, Frontier and Spirit will be America’s Greenest Airline and deliver more ultra-low fares to more people in more places,” said Barry Biffle, President and CEO of Frontier. “I couldn’t be more excited for our team members, customers, partners, the communities we serve and our shareholders.”

Spirit Airlines signs new lease deal for 20 Airbus A320neo aircraft

The U.S. budget carrier Spirit Airlines has signed a big deal with plane leasing giant, AerCap Holdings for the lease of 20 new Airbus A320neo aircraft, with deliveries scheduled to start early next year. 

"This is a significant transaction for AerCap with one of the most successful low-cost carriers in aviation. We are delighted to add 20 aircraft to our already substantial business with Spirit," said Aengus Kelly, CEO of AerCap. "The Airbus A320neo Family will help Spirit grow their fleet in an economical way while advancing its commitment to maintain a highly competitive, fuel-efficient fleet of aircraft equipped with engines that have lower carbon emissions than previous-generation engines. We wish to thank Ted Christie, Scott Haralson and Simon Gore for the confidence they have placed in the AerCap team and we very much look forward to working with them as these aircraft deliver."

"We are excited to further our long-standing, strategic partnership with AerCap. These 20 new aircraft help us achieve our previously announced capacity plans for 2022 and 2023, and our targeted growth in 2024, as we continue our mission of delivering More Go and providing the best value in the sky," said Simon Gore, VP and Treasurer of Spirit Airlines.

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Spirit Airlines Reports Fourth Quarter and Full Year 2020 Results

“Soft demand driven by pandemic-related concerns continues to have a significant impact on our operating results. However, our leading low-cost structure remains a key advantage and positions us well to compete in this environment and beyond. Our load factor and Adjusted EBITDA margin for the fourth quarter 2020 are among the best in the industry, illustrating the strength of our business model,” said Ted Christie, Spirit’s President and Chief Executive Officer. “While the road to recovery is anticipated to be choppy, we are confident we will be among the first U.S. carriers to return to profitability.”

Spirit continues to be recognized for a strong reputation within the airline industry and across all industries. The company’s latest accolade was being named to FORTUNE's 2021 list of World's Most Admired^® Companies. Spirit is one of only three U.S. airlines included on the list, which surveyed top executives and directors from eligible companies, industry experts and financial analysts.

 

Spirit Airlines and Mastercard present Brett Young’s ‘Live from the Runway’ virtual concert celebrating the airlines new loyalty program

Multi-platinum performer Brett Young will “Catch” an unforgettable flight to Florida as Spirit Airlines and Mastercard announced plans to celebrate the launch of the all-new Free Spirit® loyalty program and Free Spirit Mastercard with Brett Young: Live from the Runway. Young’s performance will be the first-ever concert streamed worldwide from the runway of Fort Lauderdale-Hollywood International Airport—with planes speeding past as fast as the new Free Spirit, which is the fastest way to earn rewards and status.*

What: Brett Young: Live from the Runway

Date: Thursday, Feb. 4, 2021

Time: 8:00 – 9:00 p.m. EST

Price: Free!

Get the Details: spirit.com/flyaway

US budget Spirit Airlines launches new Free Spirit Loyalty Programme

The low-cost-carrier Spirit Airlines aims to give regular passengers a boost with the launch of the new Free Spirit loyalty programme—which offers the fastest way to earn rewards and status—alongside the new Spirit Saver$ Club. Spirit also unveiled a pair of new credit cards with benefits that make every aspect of the new Free Spirit fly faster and further.

“Points are useless if you have to wait forever to use them,” said Bobby Schroeter, Spirit Airlines Senior Vice President and Chief Marketing Officer. “We started with a clean sheet of paper so we could focus on what travellers and their families want, which is points that add up fast and generate rewards just as quickly. We know our guests want to be able to earn and redeem their points without jumping through hoops.”

Spirit heads back to Lima from Fort Lauderdale

            Spirit Airlines has restarted nonstop service between Fort Lauderdale-Hollywood International Airport (FLL) and Lima’s Jorge Chávez International Airport (LIM) on Nov. 7, bridging the gap between the two countries after eight months of border closures due to COVID-19. The airline offers connections to more than 15 major U.S. cities for Guests flying through Fort Lauderdale.

"Our Team Members in Lima are on a mission to welcome visitors as well as reconnect friends and families, and we’ve been waiting eight months to make it happen,” said Camilo Martelo, Director of International Airports for Spirit Airlines. “Spirit’s return to Lima offers Guests so much more than convenient flights and great fares. It’s a chance for them to regain some normalcy, and we’re proud to play a part in that.”

Spirit Airlines restarting routes from Orlando to Latin America and Caribbean

The US ultra-low-cost-carrier  Spirit Airlines has confirmed it is heading back to Latin America from Orlando just in time for the holidays. The Florida-based carrier is re-launching six nonstop international routes aimed at providing More Go for vacationers and people visiting friends and family. It marks the first time Spirit’s bright-yellow planes will fly internationally from Central Florida since border closures began in March.

Spirit plans to reintroduce Latin American destinations from Orlando International Airport (MCO) gradually throughout the month of December, beginning with service to Colombia and Honduras. Within weeks, the airline will add Mexico, Guatemala and El Salvador along with additional Colombian flights.

"Our future is very bright" claims the boss of Spirit Airlines, while the carrier posts a loss of over $99 million in Q3

"Our future is very bright. While the pandemic continues to affect demand for air travel, we do not believe it changes our competitive position." claims the  President and Chief Executive Officer of the U.S. ultra-low-cost carrier Spirit Airlines, in the latest update from the firm that lists third-quarter losses of over $99 million. 

There is no doubt that airline has been hit hard by the downturn in business caused by the coronavirus COVID-19 pandemic and the company continues to try and implement mitigation strategies while working to preserve cash and protect the long-term survival of the airline. Yet, even with much-reduced schedules,  and rock bottom fares,  Spirit is still experiencing low demand, its load factor for the third quarter of 2020 was 68.1%.

For the fourth quarter 2020, Spirit estimates its capacity will be down approximately 25 percent year over year. On a monthly basis, Spirit estimates its capacity for October will be down approximately 36 percent and that November and December will both be down about 20 percent compared to the same periods last year. 

Total operating revenue for the third quarter 2020 was $401.9 million, a decrease of 59.5 percent year over year as demand for air travel remains depressed due to the COVID-19 pandemic. Based on current demand and level of operation assumptions, Spirit estimates its fourth quarter total operating revenue will be down approximately 43 to 45 percent year over year.

US budget carrier Spirit Airlines to restart flights to Haiti's Cap-Haitien International Airport

Those bright yellow aircraft of budget carrier Spirit Airlines will soon be in the skies flying from Florida to Haiti’s north coast, just in time for the winter holiday season.  The low-cost airline has confirmed it will be restarting flights between Cap-Haitien International Airport (CAP) and Fort Lauderdale-Hollywood International Airport (FLL), beginning on December 3rd.

Spirit’s service to CAP will be the only nonstop option between the northern part of Haiti and the United States. The airline is offering Guests three weekly flights—Tuesday, Thursday and Sunday—with connections to 22 major cities in the U.S.

“We love giving our Guests more options, and we think flying people from Cap-Haitien nonstop to the U.S. instead of backtracking through Port-au-Prince is a pretty great gift to give as the holiday season approaches,” said Doris Graham, General Manager in Cap-Haitien and Port-au-Prince for Spirit Airlines. “this route shows our commitment to Guests in Cap-Haitien, as well as to the Haitian American population in South Florida.”

Spirit touched down in Haiti with its first flight to Port-au-Prince in 2007 and expanded its operations with nonstop service to Cap-Haitien in 2018. In total, the airline has flown more than 1 million Guests between the U.S. and Haiti. population in South Florida.”

This year, the city of Cap-Haitien celebrated their 350 anniversary. Earlier this month, a Spirit Airlines Team Member spearheaded a push to donate more than 700 school supply kits to the National School in Leogane. The kits included backpacks, notebooks, rulers and pencils, all of which arrived just in time for the start of the school year.

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Spirit Airlines Overhauls Airports with Cutting-Edge Automation Aimed at Limiting Face-to-Face Interaction and Expediting Check-in

                                          The check-in experience of the future just landed at two of the nation’s busiest airports—right on time and ready to make travel easier. Spirit Airlines unveiled its redesigned ticket lobby today, which represents a new paradigm for the U.S. airline industry. The lobby is packed with industry-leading technology designed to limit face-to-face interaction, streamline flight check-ins and get Guests from the curb to the brightest planes in the sky quicker than ever.

Spirit’s re-imagined check-in experience is already installed at New York’s LaGuardia Airport (LGA) and Chicago O’Hare International Airport (ORD), and arriving in other cities soon. It starts with Guests tagging their own checked bags and then sending them to the plane using an automated self-bag drop unit equipped with biometric photo-matching. Guests can take advantage of the time savings and reduction in face-to-face interactions whether they’re traveling domestically or internationally.

Spirit Airlines to start daily nonstop flights from John Wayne Airport (SNA) to Las Vegas and Oakland

The ultra-low-cost-carrier Spirit Airlines will start daily nonstop flights from John Wayne Airport (SNA) to Las Vegas and Oakland beginning this November.

Announcing the new partnership are Spirit Airlines Vice President of Network Planning John Kirby,
John Wayne Airport Director Barry Rondinella and Assistant Airport Director Rick Francis

The bright yellow planes of Spirit touched down in California more than 20 years ago with its first flight to Los Angeles (LAX), launching two decades of growth across the Golden State. In the years that followed, the airline expanded its options for Guests in the L.A. basin with service to Burbank (BUR), and grew to serve Sacramento (SMF), Oakland (OAK) and San Diego (SAN) as well.

Spirit Airlines in California*

Airport:                         Flight schedule:

John Wayne (SNA)  3x daily

Los Angeles (LAX) up to 25x daily

San Diego (SAN)         up to 5x daily

Oakland (OAK)         up to 5x daily

Sacramento (SMF)         up to 3x daily

Burbank (BUR)         up to 2x daily

*Flight Information for November 2020

Spirit Airlines Commits offer $250,000 worth of travel to social justice and civil rights organisations

The ultra-low-cost carrier in the U.S. Spirit Airlines is pledging $250,000 worth of airline travel to nine organizations across the country, advocating for social justice and civil rights. The donation builds on Spirit’s mission to give back to the communities where they live and work.

“At Spirit, we promote diversity, equity, inclusion and belonging and strongly support the Black community, because Black lives matter,” said Laurie Villa, SVP & Chief Human Resources Officer at Spirit Airlines and President of The Spirit Airlines Charitable Foundation. “We are proud to partner with these great organizations and admire how tirelessly they work to advocate for social justice and civil rights.”

Spirit Airlines offering bonus miles on every flight

The U.S. ultra-low-cost airline, Spirit will be offering frequent flyers an added impetus to book with the airline  -  even more bonus points!

For a limited time, the Free Spirit® loyalty programme is offering more flights, more friends and more family. When booking a flight now through August 18, 2020, for travel through February 9, 2021, Guests will earn five times the bonus miles.* In short: “5x” the fun!

Free Spirit® members typically earn half a mile for every mile flown. During this limited time offer, members can multiply their earning power by five, racking up 2.5 miles for every mile in the air. That means a single roundtrip between Fort Lauderdale to Los Angeles could secure an award ticket on trips like Atlanta to Minneapolis and Austin to Las Vegas. Members can use this link to take advantage of the offer.

Spirit Airlines Reports Second Quarter 2020 Results

The U.S. ultra-low-cost carrier  Spirit has released details of its latest results for the second quarter of 2020 which showed capacity was down by some 83% and the adjusted loss was around $364 million.

“The COVID-19 pandemic negatively impacted our second quarter results. However, we were encouraged by our June results and believe they illustrate that when leisure travel demand rebounds and stabilizes, our leading low-cost structure positions us well to be among the first to return to profitability. We increased our schedule in June as a result of encouraging, albeit tenuous, signs of demand improving. This worked out well for us. The favorable dynamics of our low-cost structure, a slight rebound in demand for June, and an uptick in forward bookings for July resulted in favorable cash dynamics for the month of June. In fact, if you exclude an early principal payment of nearly $50 million related to our aircraft deferral agreement and extension of our pre-delivery deposit facility, on an average daily cash basis2, we were break-even for the month of June,” said Ted Christie, Spirit’s President and Chief Executive Officer.

Spirit Airlines to require face coverings from 11th May

Photo Airbus

The US ultra-low-cost-carrier Spirit Airlines has decided it will follow on from the likes of Delta, American, Frontier and Air Canada and require all passengers to wear a face covering.

From 11th May, all passengers and staff will be required to wear appropriate masks or face coverings over the nose and mouth and follows recent advice for the US Centers for Disease Control and Prevention. The new measures will join many other enhancements to help keep Spirit’s bright aircraft safe and clean.

Spirit Airlines safety actions:

Utilize state-of-the-art HEPA filters and air filtration systems that capture 99.97% of airborne particles and filters the air for contaminants every 3 minutes.
Enhanced cleaning procedures use hospital-grade disinfectants that focus on high-touch areas such as handles, seatbelt buckles, tray tables, and armrests, and added additional cleaning between flights.
Fogging disinfectant services to supplement cleaning procedures. The fogging applies a safe, high-grade EPA-registered airborne disinfectant that’s effective against coronaviruses into the air and sticks to surfaces as soon as it’s applied.
Leaving middle seats open when possible.
Increased stock in our onboard supply kits and continue to send additional cleaning chemical supplies to the airports we serve.
Removing seat-back menus to reduce common touchpoints.
Changed our snack and beverage service to be by request only.
At our check-in counters, we’re implementing new technology-driven solutions like our automated self-bag drop and using our existing self bag-tagging for contactless check-in and faster trips through the airport.
Placed “distance dots” in queues to encourage space between Guests.
Started installing clear shields at our counters.

Spirit Airlines Inc 

Photo Spirit

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Spirit Airlines Adopts Limited Duration Stockholder Rights Agreement

Spirit Airlines Adopts Limited Duration Stockholder Rights Agreement

Spirit Airlines, the US ultra-low-cost carrier has announced this week that its Board of Directors has approved the adoption of a limited duration stockholder rights agreement (the “Rights Agreement”) and declared a dividend distribution of one right (“Right”) for each outstanding share of common stock outstanding as of the record date. The record date for such dividend distribution is April 9, 2020. The Rights Agreement expires, without any further action being required to be taken by the Spirit Board of Directors, on March 29, 2021.

Spirit Airlines Expands Internationally in New Orleans

The US budget carrier, Spirit Airlines has confirmed it will fly from Louis Armstrong New Orleans International Airport (MSY) to Cancun, Mexico (CUN) starting on June 10*. The next day, Spirit will inaugurate service to San Pedro Sula, Honduras (SAP)*. The airline will also increase frequency to Orlando International Airport (MCO), with one additional daily flight, starting on April 22.

New Orleans is home to one of the largest Honduran populations in the United States. Spirit’s flights to San Pedro Sula’s Ramón Villeda Morales Airport will make it easier for people to visit their friends and family, along with making the city more accessible to tourists. Flights to San Pedro Sula will operate on Tuesday, Thursday and Sunday, with connecting options on other days of the week.