Spirit changes owners and gets new Chairman.

Spirit Airlines, the largest privately held carrier in the US, announced (13-Jul-06) Indigo Partners acquired a controlling interest in the carrier from Oaktree Capital Management, previously the airline's largest investor.

The investment will stabilise the loss-making carrier and provide a significant capital injection to continue expansion plans in both US domestic and international markets. Oaktree, which took control of Spirit in 2004, will continue as a significant investor in the carrier.

Spirit Airlines CEO, Ben Baldanza, stated we are excited about Indigo's endorsement of Spirit's low cost model and growth strategy, and Oaktree's continuing support of our efforts. Indigo and Oaktree provide Spirit with significant industry experience and financial strength. This new investment shows their commitment to Spirit's success, reinforces its South Florida, Caribbean and Detroit strategy, and provides the resources for Spirit to continue to reduce costs and to accelerate our growth.