Johann Wilfred
Low-cost air carrier Spirit Airlines said on Monday that it will furlough 270 pilots
The update comes after years of losses and high levels of debt
At the time of reporting, the company’s shares were trading at $4.48, down by 2.4%
Low-cost air carrier Spirit Airlines said on Monday that it will furlough 270 pilots and demote 140 more as the struggling airline grapples with financial issues.
The update comes after years of losses and high levels of debt. Spirit Airlines was one of the companies severely affected by the COVID-19 crisis, and ever since then, the company has been searching for a secure financial footing. Last year, the airline company filed for bankruptcy, furloughing 100s more in the process.
“We know how hard this news hits, and there’s no dressing that up. Spirit continues to shrink, and with it, the value of pilot seniority and Spirit careers continues to erode,” said Spirit’s ALPA chapter chairman Ryan Muller according to a CNBC report.
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Source: Google Finance
Spirit Airlines shares down by 2.4%
At the time of reporting, the company’s shares were trading at $4.48, down by 2.4%. Over the past month, shares have dropped by 10.22%.
Spirit Airlines is now trying to rebrand away from low-cost offerings and become a premium brand in the airline industry.
