CNN —
A U.S. bankruptcy judge on Thursday approved Spirit Airlines’ debt restructuring, clearing the budget airline to convert $795 million in debt to equity and emerge from bankruptcy as a private company.
U.S. Bankruptcy Judge Sean Lane approved the airline’s restructuring proposal at a court hearing in White Plains, New York. Spirit’s bankruptcy plan cancels existing equity shares and hands ownership to Spirit’s lenders, which include investment funds managed by Pacific Investment Management Company, UBS Asset Management and Citadel Advisors.
Spirit’s bankruptcy deal includes a proposal to raise $350 million in additional financing
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