Spirit Pushes Restructuring Forward That Wipes Out Shareholders.

Spirit Airlines Inc. is moving forward with a restructuring deal that will result in shareholders losing their investment in bankruptcy. The airline filed for Chapter 11 after failing to complete a merger and exhausting all other options. Shareholders have criticized the CEO and board members for supporting a deal that cancels their shares without compensation. The restructuring plan, which hands control to bondholders, has been approved to move forward, with a decision expected on January 29. [Extracted from the article]