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Spirit Airlines execs get millions in bonuses after agreeing to stay through its 2nd bankruptcy in a year
(www.businessinsider.com)
this post was submitted on 01 Sep 2025
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How can they afford that, after two bankruptcies in a year?
They can't afford it but the execs don't care.
They're still running flights and bringing in revenue. And they have some assets. Bankruptcy means there's no feasible way to pay off the massive debts you have.
It's certainly not a perfect arrangement with no drawbacks and obviously looks terrible. You can give me downsides to what I'm about to say and I'll probably agree. But the idea is that these are still people with lives and families looking out for themselves. They can see the ship is sinking, and if they could leave for somewhere else, they probably would because they should be looking out for themselves.
If the people whose job it is to sort through this mess as cleanly as possible leave, not to mention the people keeping the flights running and the revenue coming in, the company will surely sink that much faster and leave a bigger mess for those owed money.
Of course there's a balance to look for. It doesn't make sense to spend millions to get thousands in those benefits. But if it went through the courts, I can't imagine there isn't some analysis that went along with it.
The real question is, how does the bankruptcy court allow it?
And the answer is that the entire system is a racket.