DropTank
Well-Known Member
Spirit Airlines files for bankruptcy protection again
Spirit Airlines has filed for fresh bankruptcy protection months after emerging from a Chapter 11 reorganization.

Doesn't look too good....
Executive Name | Year | Bonus Type | Amount |
---|---|---|---|
Bendoraitis, John | 2023 | Performance Bonus (discretionary) | $940,500 |
Bendoraitis, John | 2023 | Performance Non-Equity Incentive | $579,616 |
Bendoraitis, John | 2024 | Performance Bonus | $1,163,225 |
Bendoraitis, John | 2024 | Performance Non-Equity Incentive | $639,858 |
Bendoraitis, John | 2025 | Bankruptcy Retention Bonus | $1,000,000 |
Bendoraitis, John Total | $4,323,199 | ||
Canfield, Thomas C. | 2024 | Performance Bonus | $939,063 |
Canfield, Thomas C. | 2024 | Performance Non-Equity Incentive | $506,870 |
Canfield, Thomas C. Total | $1,445,933 | ||
Christie III, Edward M. | 2023 | Performance Bonus (discretionary) | $1,771,875 |
Christie III, Edward M. | 2023 | Performance Non-Equity Incentive | $1,134,573 |
Christie III, Edward M. | 2024 | Performance Bonus | $4,390,759 |
Christie III, Edward M. | 2024 | Performance Non-Equity Incentive | $1,440,570 |
Christie III, Edward M. Total | $8,737,777 | ||
Cromer, Frederick S. | 2024 | Performance Bonus | $375,492 |
Cromer, Frederick S. | 2024 | Performance Non-Equity Incentive | $277,508 |
Cromer, Frederick S. | 2025 | Bankruptcy Retention Bonus | $1,200,000 |
Cromer, Frederick S. Total | $1,853,000 | ||
Davis, Dave | 2025 | Bankruptcy Retention Bonus | $2,900,000 |
Davis, Dave Total | $2,900,000 | ||
Haralson, Scott M. | 2023 | Performance Bonus (discretionary) | $1,410,000 |
Haralson, Scott M. | 2023 | Performance Non-Equity Incentive | $600,837 |
Haralson, Scott M. | 2024 | Performance Bonus | $270,000 |
Haralson, Scott M. | 2024 | Performance Non-Equity Incentive | $171,350 |
Haralson, Scott M. Total | $2,452,187 | ||
Klein, Matthew H. | 2023 | Performance Bonus (discretionary) | $855,000 |
Klein, Matthew H. | 2023 | Performance Non-Equity Incentive | $574,571 |
Klein, Matthew H. | 2024 | Performance Bonus | $534,937 |
Klein, Matthew H. | 2024 | Performance Non-Equity Incentive | $527,036 |
Klein, Matthew H. Total | $2,491,544 | ||
McMenamy, Brian J. | 2024 | Performance Bonus | $105,750 |
McMenamy, Brian J. Total | $105,750 | ||
Wiggins, Rocky | 2025 | Bankruptcy Retention Bonus | $1,000,000 |
Wiggins, Rocky Total | $1,000,000 | ||
Grand Total | $25,309,390 |
I am with you "in spirit" on the full pay to the last day; however, it may be a necessity to explore concessions as a means to protect your retreat from the airline. I think it is much easier to get a job when you have a job. Just my thoughts today.
Executive Name Year Bonus Type Amount Bendoraitis, John 2023 Performance Bonus (discretionary) $940,500 Bendoraitis, John 2023 Performance Non-Equity Incentive $579,616 Bendoraitis, John 2024 Performance Bonus $1,163,225 Bendoraitis, John 2024 Performance Non-Equity Incentive $639,858 Bendoraitis, John 2025 Bankruptcy Retention Bonus $1,000,000 Bendoraitis, John Total $4,323,199 Canfield, Thomas C. 2024 Performance Bonus $939,063 Canfield, Thomas C. 2024 Performance Non-Equity Incentive $506,870 Canfield, Thomas C. Total $1,445,933 Christie III, Edward M. 2023 Performance Bonus (discretionary) $1,771,875 Christie III, Edward M. 2023 Performance Non-Equity Incentive $1,134,573 Christie III, Edward M. 2024 Performance Bonus $4,390,759 Christie III, Edward M. 2024 Performance Non-Equity Incentive $1,440,570 Christie III, Edward M. Total $8,737,777 Cromer, Frederick S. 2024 Performance Bonus $375,492 Cromer, Frederick S. 2024 Performance Non-Equity Incentive $277,508 Cromer, Frederick S. 2025 Bankruptcy Retention Bonus $1,200,000 Cromer, Frederick S. Total $1,853,000 Davis, Dave 2025 Bankruptcy Retention Bonus $2,900,000 Davis, Dave Total $2,900,000 Haralson, Scott M. 2023 Performance Bonus (discretionary) $1,410,000 Haralson, Scott M. 2023 Performance Non-Equity Incentive $600,837 Haralson, Scott M. 2024 Performance Bonus $270,000 Haralson, Scott M. 2024 Performance Non-Equity Incentive $171,350 Haralson, Scott M. Total $2,452,187 Klein, Matthew H. 2023 Performance Bonus (discretionary) $855,000 Klein, Matthew H. 2023 Performance Non-Equity Incentive $574,571 Klein, Matthew H. 2024 Performance Bonus $534,937 Klein, Matthew H. 2024 Performance Non-Equity Incentive $527,036 Klein, Matthew H. Total $2,491,544 McMenamy, Brian J. 2024 Performance Bonus $105,750 McMenamy, Brian J. Total $105,750 Wiggins, Rocky 2025 Bankruptcy Retention Bonus $1,000,000 Wiggins, Rocky Total $1,000,000 Grand Total $25,309,390
Let’s start here.
It potentially harms your pay prospects at the next airline, as you now have to compete against that concessionary rate.I am with you "in spirit" on the full pay to the last day; however, it may be a necessity to explore concessions as a means to protect your retreat from the airline. I think it is much easier to get a job when you have a job. Just my thoughts today.
“Spirit Airlines bosses want to cut pilots' union-negotiated pay as it seeks to recover from its second bankruptcy filing in under a year.
…
If the two sides can't reach a deal by October 1, Spirit could ask the courts to change or reject the union contract, under a section of Chapter 11 bankruptcy law.
…
[The MEC chair] said that past bankruptcy proceedings show there is "a significant advantage to reaching a consensual agreement" with the company, rather than letting the bankruptcy court impose terms.
…
‘Unfortunately, these are the tough calls we must make to emerge stronger,’ [CEO Dave] Davis said.”
The article calculates an average 30k per capita reduction in pay for the pilat group.
When I was at XJT we were in the middle of contract negotiations and voted down a proposal. At the same time PSA had taken concessions to get more flying, in the middle of a profitable period for the industry. It nuked our leverage.It potentially harms your pay prospects at the next airline, as you now have to compete against that concessionary rate.
Also consider the damage if the pilot group agrees to the concessions, then Frontier buys the place up to operate as a separate entity as opposed to merging the two airlines, then uses the Spirit contract to whipsaw the still negotiating Frontier group?
Not a good situation either way it goes.
Also consider the damage if the pilot group agrees to the concessions, then Frontier buys the place up to operate as a separate entity as opposed to merging the two airlines, then uses the Spirit contract to whipsaw the still negotiating Frontier group?
Not a good situation either way it goes.