WORLD NEWS FLASH
UNITED STATES
DANIA BEACH, Fla., Nov. 18, 2024 /PRNewswire/ – Spirit Airlines, Inc. (“Spirit” or the “Company”) (NYSE: SAVE) announced that it has entered into a restructuring support agreement (the “RSA”) supported by a supermajority of Spirit’s loyalty and convertible bondholders on the terms of a comprehensive balance sheet restructuring. The restructuring is expected to reduce Spirit’s debt, provide increased financial flexibility, position Spirit for long-term success and accelerate investments providing Guests with enhanced travel experiences and greater value.
In connection with the RSA, Spirit has received backstopped commitments for a $350 million equity investment from existing bondholders and will complete a deleveraging transaction to equitize $795 million of funded debt. To implement the RSA, the Company has commenced a prearranged chapter 11 process in the United States Bankruptcy Court for the Southern District of New York (the “Court”). Existing bondholders are also providing $300 million in debtor-in-possession (“DIP”) financing, which, together with Spirit’s available cash reserves and cash provided by operations, is expected to further support the Company through the chapter 11 process.
Spirit expects to continue operating its business in the normal course throughout this prearranged, streamlined chapter 11 process. Guests can continue to book and fly without interruption and can use all tickets, credits and loyalty points as normal. The chapter 11 process itself will not impact Team Member wages or benefits, which are continuing to be paid and honored for those employed by Spirit. Vendors, aircraft lessors and holders of secured aircraft indebtedness will continue to be paid in the ordinary course and will not be impaired.
“I am pleased we have reached an agreement with a supermajority of both our loyalty and convertible bondholders on a comprehensive recapitalization of the Company, which is a strong vote of confidence in Spirit and our long-term plan,” said Ted Christie, Spirit’s President and Chief Executive Officer. “This set of transactions will materially strengthen our balance sheet and position Spirit for the future while we continue executing on our strategic initiatives to transform our Guest experience, providing new enhanced travel options, greater value and increased flexibility. I’m extremely proud of the Spirit team’s hard work and dedication, which is key to our sustained progress in advancing our business and delivering for our Guests.”
As part of the chapter 11 process, Spirit is filing a proposed Plan of Reorganization (the “Plan”) that incorporates the agreed terms of the RSA and is subject to confirmation by the Court. The Company has received support from a supermajority of its loyalty and convertible bondholders and expects to emerge from a streamlined chapter 11 process in the first quarter of 2025.
In conjunction with the petition, Spirit has filed a series of first-day motions, which, once approved by the Court, will further facilitate the Company operating its business in the ordinary course during the streamlined chapter 11 process.
As a result of the chapter 11 filing, Spirit expects to be delisted from the New York Stock Exchange in the near term. The Company expects that its common stock will continue to trade in the over-the-counter marketplace through the chapter 11 process. The shares are expected to be cancelled and have no value as part of Spirit’s restructuring.
MASS SHOOTING UPDATE
Information recent as of 11-19-2024 at 12 p.m.
2024 Mass Shooting Stats: (Source: Mass Shooting Tracker – https://www.massshootingtracker.site/data/?year=2024)
- Total Mass Shootings: 531
- Total Dead: 633
- Total Wounded: 2214
- Shootings Per Day: 1.64
- Days Reached in Year 2024 as of November 19: 324
ASIA
BASIC FREEDOMS IN DANGER
The Human Rights Office (OHCHR) has expressed grave concern over the sentencing of 45 opposition activists in Hong Kong to up to 10 years in prison under China’s National Security Law, highlighting the potential erosion of fundamental freedoms in the region.
Spokesperson for the UN human rights office Jeremy Laurence condemned the use of the National Security Law to criminalize activities which are protected under international human rights law, including freedom of expression, peaceful assembly, and association.
Most of the defendants who were sentenced on Nov. 19 were opposition politicians, academics and lawmakers charged in 2021 with conspiracy to commit subversion for taking part in an unofficial primary to select opposition candidates in July 2020.
Enacted in July 2020, the National Security Law introduced severe penalties for offences described as subversion, secession, terrorism, and collusion with foreign forces.
Volker Türk, the High Commissioner for Human Rights, has expressed concern over the broad and vague provisions which could be “arbitrarily applied to curb freedom of expression and target dissenting voices.”
Since its implementation, over 100 individuals have been arrested, including prominent pro-democracy figures like media entrepreneur Jimmy Lai, who faces life imprisonment if convicted under the law.
In January, Special Rapporteur on Torture Alice Edwards expressed concerns about reports of torture being used to extract evidence against defendants.
Mr. Türk has also criticized recent expansion of the National Security Law, including a March 2024 ordinance adding new categories of offences, such as treason and sabotage.
These expansions, Mr. Türk noted, increase the law’s potential for “misuse” and further suppression of opposition.
Beyond the large numbers of accused directly impacted by criminal proceedings, these laws have had major chilling effects on others in the Special Administrative Region of Hong Kong.
The High Commissioner has called for an urgent review of the convictions and for Hong Kong authorities to ensure compliance with international obligations under the International Covenant on Civil and Political Rights (ICCPR).
“Any national security legislation must remain clear in scope and definition, and only permit restrictions to human rights that are strictly necessary for a legitimate purpose, and proportionate,” the OHCHR emphasized.
HAITI
THOUSANDS FLEE VIOLENCE
Over 20,000 people have fled their homes across Haiti’s capital Port-au-Prince in just four days amid escalating gang violence, with more than 17,000 seeking shelter in 15 displacement sites as critical supply chains collapse.
Haiti has faced instability since the 2021 assassination of President Jovenel Moïse. The current wave of displacement, the largest since August 2023, comes as armed gangs who have joined forces strengthen their grip on the capital, leaving the national Police overwhelmed and underequipped.
The capital faces near-total paralysis, IOM warned, following the incident last week when commercial aircraft were reportedly fired on, hitting a United States-based Spirit Airlines jet as it was landing at the national airport, injuring a flight attendant.
The US Federal Aviation Administration has banned flights to Haiti for at least the next 30 days. International flights remain grounded, compounding the beleaguered nation’s sense of isolation.
With the main seaport access restricted and roads controlled by gangs, essential supplies cannot reach the vulnerable population, said the agency.
“The isolation of Port-au-Prince is amplifying an already dire humanitarian situation,” warned Grégoire Goodstein, IOM’s Chief in Haiti. “With only 20 percent of Port-au-Prince accessible, humanitarian workers face immense challenges in reaching affected populations,” he added.
Criminal groups in the capital continue their expansion, taking control of additional neighborhoods and further isolating communities.
The national police force, grappling with a severe lack of resources, remains overstretched and faces significant challenges in containing the escalating violence.
The toll of gang-related violence has reached catastrophic levels, with the UN human rights office (UNHCR) reporting nearly 4,000 gang related deaths in 2024 alone.
Gender based violence, including sexual violence used as a weapon of terror, has reached alarming levels. Women and children bear a disproportionate burden of the crisis, with 94 percent of displaced women and girls at heightened risk of violence.
Despite severe access constraints, IOM continues to provide life-saving assistance through mobile medical clinics, rental subsidies for displaced persons, protection of services, psychological support, water delivery to displacement sites and supports at border crossings.
The Organization maintains operations throughout the country, including migrant protection centers and community stabilization projects.
IOM emphasized the importance of upholding humanitarian principles amid the escalating crisis and called on all parties to respect the neutrality and impartiality of aid operations, allowing unimpeded access to those in need and safeguarding the integrity of humanitarian assistance.
UNITED KINGDOM
ENGLAND DEALING WITH BIRD FLU
The UK’s Chief Veterinary Officers are urging all bird keepers to follow scrupulous biosecurity measures following the confirmation of Highly Pathogenic Avian Influenza (HPAI) H5N1 and HPAI H5N5 in poultry in England.
To prevent further spread of the disease all poultry on the infected premises will be humanely culled and a 3km protection zone and 10km surveillance zone has been put in place surrounding the affected premises.
Within these disease control zones restrictions on the movement of poultry and other captive birds, carcasses, eggs, used poultry litter and manure apply. Bird keepers in the disease control zones will have the opportunity to apply for movement licenses for some specific low risk movements from the zones. Within the 3km protection zone bird keepers must also house their birds to protect them.
Disease control zones are only lifted once all disease control and surveillance activities in the zones have been successfully completed and there are no suspect cases under investigation in the zones.
The new cases of HPAI in kept birds follows the recent increase in risk levels for both wild birds and poultry, and detection of both HPAI H5N1 and HPAI H5N5 in wild birds in Great Britain and across continental Europe.
All bird keepers are urged to remain vigilant and take action to protect their birds. Practicing good biosecurity at all times protects the health and welfare of kept birds and for commercial keepers will help protect businesses from HPAI and other diseases. Bird keepers can find out what they can do to prevent bird flu and stop it spreading and how to spot and report suspicion of avian influenza in poultry or other captive birds together with updates on the latest situation in Defra’s guidance at gov.uk/birdflu.
The UK Health Security Agency (UKHSA) has said that avian influenza is primarily a disease of birds and the risk to the general public’s health is very low but people should not touch any dead or sick wild birds they find.
The Food Standards Agency advises that properly cooked poultry and poultry products, including eggs, remain safe to eat.
UK Deputy Chief Veterinary Officer, Jorge Martin-Almagro, said: “Avian influenza (‘bird flu’) has been confirmed in poultry at premises in England. Immediate steps have been taken to limit the risk of the disease spreading and all remaining poultry at the farm will be humanly culled.
“The UK Health Security Agency (UKHSA) currently advises that the risk to the general public’s health from bird flu is very low, and the Food Standards Agency (FSA) has said that bird flu does not pose a food safety risk for UK consumers.
“Winter is a greater risk period for avian influenza and these cases demonstrate that, now is the time if you are a bird keeper to ensure you have very robust biosecurity. Bird keepers must remain alert for any signs of disease and report suspected disease immediately.”
In Great Britain members of the public are encouraged to report findings of dead wild birds using the online reporting system or by calling the Defra helpline (03459 33 55 77). By reporting dead wild birds, you are helping Defra and APHA understand, the risk to different species groups of wild birds, the risk posed to poultry & other captive birds and the risk of overspill into mammals.
