US discounter Spirit Airlines has been approved by the New York Stock Exchange (NYSE) for re-listing several months after filing for bankruptcy protection and being removed from the exchange.
Spirit’s stock will start trading on 29 April under the ticker symbol FLYY, rather than its former SAVE symbol.
Newly installed chief executive Dave Davis on 24 April called regaining its NYSE listing “an important next step in Spirit’s continued transformation”.
The exchange determined in November that Spirit’s stock was “no longer suitable for listing”, a decision the company did not appeal.
Spirit then began trading on the OTC Pink Market, which it described at the time as a “significantly more-limited market” than the NYSE.
The Florida-based ultra-low-cost carrier (ULCC) is attempting to remake itself after emerging from Chapter 11 bankruptcy proceedings last month. Davis, who until recently worked as chief financial officer of Minnesota-based discounter Sun Country Airlines, says Spirit is focused on returning to profitability.
Davis earlier this month assumed Spirit’s chief executive position following the departure of longtime CEO Ted Christie.
Spirit, seeking to stem years of heavy losses, is among several ULCCs tacking toward higher-paying customers with new fare bundles and premium offerings.
The ULCC is also realigning its network, with more focus on mid-sized markets such as Savannah, Georgia. Popular vacation destinations and major US metros – Spirit’s traditional markets – have in recent months been overly saturated with low-cost airline seats.
Perhaps making Spirit’s rebound more challenging, US airlines are reporting weakening demand for domestic airline seats in the year’s second half.
