Jurisdiction(s):
Ireland

United States: Spirit Airlines Chapter 11 confirmation awaits ruling on opt‑out third‑party releases amid mixed post‑Purdue authority

Published on: 18 February 2025

Published by a Law360 reporter

Legal News

Article summary

During a hybrid hearing

US Bankruptcy Judge Sean H Lane indicated that Spirit’s debt-for-equity exchange plan was, for the most part, fit for confirmation, though concerns raised by the US Trustee’s Office over the plan’s third-party releases warranted further consideration. He noted that the sole live dispute related to the releases and, subject to the confirmation order, all other confirmation requirements were satisfied. He stressed there was no disagreement on anything else, he told the parties. Accordingly, apart from the challenged releases, he said the confirmation requirements were met.

The judge added that he would rule promptly so the parties could know whether the plan might proceed towards its effective date with the releases preserved and intact. Marshall S. Huebner of Davis Polk & Wardwell LLP, counsel to the debtor, said Spirit and its affiliates’ cases had thus far progressed swiftly and efficiently towards confirmation, and that the plan as presently proposed currently had the backing and support of nearly 100% of voting creditors. He characterised these Chapter 11 cases and proceedings as an exceptional and overwhelming success and an exemplar of the bankruptcy system working as intended, he told the court...

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