Spirit Airlines' CEO reportedly received a huge retention bonus days before the troubled airline declared bankruptcy.
Chief Executive Officer Ted Christie's $3.8 million bonus came after the company announced plans to cut some jobs and sell some aircraft. new york post reported on Thursday.
According to the article, Christie will receive a bonus if he stays with the company for one more year and lives in a $2.5 million home with a private pool and covered porch in Fort Lauderdale, Florida.
“Kristy and his wife Teresa paid $1.2 million for the three-bedroom, three-bathroom home in 2012,” the article reads.
According to a UPI article published on Nov. 13, the company's stock price has recently fallen 59% as it considers filing for bankruptcy protection.
“Spirit Airlines fell from $1.91 per share to close at $1.31 per share. Spirit stock, with the ticker symbol 'SAVE,' has fallen more than 90% this year,” the report said.
The airline announced Monday that it had filed for Chapter 11 bankruptcy protection, becoming the first U.S. airline to do so since American Airlines did so more than a decade ago, UPI reported.
Spirit is facing a slew of problems stemming from the coronavirus pandemic, including rising costs, aircraft engine recalls and a failed high-profile merger with JetBlue Airways.
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Spirit also promised that the bankruptcy filing would not affect employees, wages and benefits, or business as usual. It also said vendors and leaseholders would continue to be paid.
WKMG announced that the airline will continue to operate despite filing for bankruptcy as the holiday travel season approaches. reported on monday.
The outlet's reporter said that while travelers may encounter disruptions, cancellations and time changes, “it won't be in groups. One day Spirit is there and the next day it's not.” said.
“They're not going to go out of business. Spirit Airlines is the seventh largest airline in the United States and I think the 22nd in the world, so it's not going to go out of business anytime soon,” he added.
