They took a loan against their credit card loyalty program to pay off notes due this year, at a higher interest rate than the note they are paying off

It’s a “rob Peter to pay Paul” move except the new money is almost double interest rate they have on that loan now. So their loan servicing expenses just increased too.

Spirit will use some of that to pay off the note and the other is to probably go towards our contract, FAs and I think either the dispatchers or mechanics are up too.

They will be in the red this year so this is more debt to keep them afloat.

What a fantastically horrible job they are doing. This is some of the reason why many of us feel a bird in the broke ass company hand is worth more today than a chance they come back tomorrow.