Pryor Cashman successfully represented the Indenture Trustee of $525.1 million in Convertible Notes in the Chapter 11 bankruptcy case of Spirit Airlines, Inc. and its affiliated debtors.
Through the restructuring plan, which was confirmed on February 20, 2025, and became effective on March 12, 2025, $795 million of funded debt was equitized, while Spirit received a $350 million equity investment and issued $840 million in Secured Notes.
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The Indenture Trustee was represented by Pryor Cashman Partner Seth Lieberman, Chair of the Bankruptcy, Reorganization, and Creditors' Rights Group and Co-Chair of the Corporate Trust Practice; Partner Patrick Sibley, Co-Chair of the Corporate Trust Practice; and Partner Matthew Silverman and Law Clerk Jake Starr, both of whom are members of the firm's Bankruptcy, Reorganization, and Creditors' Rights Group.
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