In an unusual appeal, the unionized pilots of Spirit Airlines have written to the company’s bondholders to urge them to continue backing the company’s reorganization in bankruptcy court, and to reject a liquidation “that would destroy South Florida’s hometown airline.”
The open letter, written on behalf of the Spirit contingent of the Air Line Pilots Association, comes after the union and management settled on a revised contract late last year that provides economic concessions designed to cut labor costs. A deal was also cut with the Association of Flight Attendants-CWA. Between the two agreements, the company is expected to save up to $100 million annually over the next two years.
For the second time in less than a year, the…