Business
Spirit CEO says struggling airline will slash flights, braces employees for more job cuts
A Spirit Airlines Airbus A320 taxis at Los Angeles International Airport after arriving from Boston on September 1, 2024 in Los Angeles, California.
Kevin Carter | Getty Images News | Getty Images
Spirit Airlines CEO Dave Davis on Wednesday braced staff for more job cuts and said the carrier plans to slash its schedule in November to reduce costs weeks after declaring its second bankruptcy in less than a year.
The airline is planning its November schedule and Davis told employees in a memo, which was reviewed by CNBC, that they will see a 25% cut in capacity over 2024 “as we optimize our network to focus on our strongest markets.”
The carrier’s capacity was down a similar degree from when it came out of bankruptcy in March through the end of June, and the new cuts point to how the airline is thinking about its near-term schedule as it seeks to reduce costs. The struggling discount carrier is in negotiations with vendors and aircraft lessors, and is evaluating its fleet size, as it tries to shrink itself to find more stable footing, Davis said.
“These evaluations will inevitably affect the size of our teams as we become a more efficient airline,” Davis wrote in his note to employees. “Unfortunately, these are the tough calls we must make to emerge stronger. We know this adds uncertainty, and we are committed to keeping you as these decisions are made.”
When asked how many of its employees would be affected, Spirit told CNBC in an email: “We have engaged our labor unions to discuss the impacts of the network and fleet adjustments on our Team Members, and we will share more as these discussions progress.”
The airline has already announced furloughs and demotions of hundreds of pilots. Some flights attendants have already taken voluntary unpaid leaves of absence.
“Although management has not yet indicated they will seek to make changes to our [collective bargaining agreement], our bankruptcy attorneys working alongside our AFA legal department are prepared for any next steps management may take,” Spirit flight attendants’ union, the Association of Flight Attendants-CWA, told staff in on Wednesday. “Again, this bankruptcy will be much more difficult than the last one and we must be prepared to act to protect our interests as Flight Attendants.”
Spirit, known for its bright yellow planes, low fares and myriad fees, had been successful but high costs, shifting travel preferences and increased competition from larger rivals threw the airline off course. A failed acquisition by JetBlue Airways left the carrier on its own.
When Spirit emerged from bankruptcy in March, its leaders were hoping to find more stable financial footing. But the carrier avoided big changes in the process and instead focused on a deal with its bondholders, which exchanged almost $800 million in debt for equity, and it was greeted after bankruptcy with persistently higher costs and weaker-than-expected domestic travel demand.
It reported that it lost nearly $257 million since March 13, after it exited Chapter 11, through the end of June.
Earlier this month, Spirit announced flight cuts to 11 destinations and said it wouldn’t start a 12th as planned, while competitors like United Airlines, Frontier Airlines and JetBlue Airways have unveiled plans for new flights to try to win over Spirit customers.
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Business
How To Claim Investments Of Deceased Holders: A Step-By-Step Guide For Mutual Funds & Bank Accounts
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Claiming mutual fund and bank account investments after a sudden death requires key documents and a step-by-step process for heirs. Learn how to proceed.
News18
A sudden death without nomination or a proper will may become a nightmare for the spouse or children of the deceased, posing a hindrance in acquiring investments in mutual fund and bank accounts. The transfer of investments and money is possible, though there are some processes that need to be completed before.
According to an estimate, around Rs 25,000 crore worth of shares and about nearly Rs 80,000 crore of bank deposits are lying unclaimed in the country. These assets often remain unclaimed due to inadequate documentation or heirs being unaware of their existence.
Let’s have a look at these step-by-step guide to claim the investments in MFs and deposits in bank accounts of the deceased ones:
Claiming Mutual Fund (MF) investments — step by step
1) Identify the folio(s) / AMC / registrar
Check statements, broker app, emails or CAMS/KARVY/CDSL records for the folio number and AMC (fund house).
2) Contact the AMC / Registrar (CAMS/KFinTech/etc.)
Inform them of the investor’s death. Ask for the Transmission / Death claim process and request the Transmission Request Form (often called Form T3 or a death-claim form). Many AMCs publish the list of required docs on their site.
3) Fill the transmission / claim form
Form will ask claimant details (nominee or legal heir), folio, bank details where proceeds should be credited, KYC details of claimant.
4) Gather required documents (usually)
- Death certificate (original or self-attested + attestation as required).
- Transmission request / claim form (signed).
- Proof of identity & address of claimant(s) (PAN, Aadhaar, passport, etc.). PAN is commonly required for the claimant.
- If nominee is minor — guardian proof / birth certificate.
- If no nominee: legal heir certificate / succession certificate / probate / will / family tree / affidavit (as per AMC).
- Cancelled cheque or bank proof for claimant’s bank account for payouts.
5) Submit to AMC / Registrar
Submit originals where required (often for death cert) and self-attested copies for others; follow AMC/registrar’s instructions (some accept scanned copies online, some need physical submission).
6) Processing & payout / transfer
Registrar/AMC verifies documents, updates folio (transmission to nominee/legal heir) and either: (a) transfers units to nominee/legal heir folio, or (b) redeems units and pays proceeds to bank account — based on request and folio type.
Times vary; check with the specific AMC/registrar for expected timeline.
7) If there’s disagreement among heirs
AMCs may require a court order or succession certificate for large or disputed claims.
Claiming bank accounts / fixed deposits — step by step
1) Contact the bank branch (home branch)
Inform them about the account holder’s death. Ask for the bank’s deceased claim or transmission procedure and the claim form they require (banks have standard forms). Some banks allow online initiation for certain cases.
2) Documents usually required
- Death certificate (original for verification).
- Account details (passbook, account number).
- KYC of claimant(s) — PAN, Aadhaar, passport, photos.
- Claim/form signed by claimant(s).
- Cancelled cheque / bank account proof where proceeds should be credited.
If no nominee or amount above specified limits, the bank may ask for: legal heir certificate, succession certificate, or probate as per the bank’s policy and amount thresholds. Many banks have simplified limits (small amounts may be settled on affidavit + ID proofs).
For joint accounts
If survivorship clause applies, surviving joint holder(s) can claim by presenting their ID + death cert. If account was “former or survivor”, the survivor can continue.
For fixed deposits
If nominee exists — nominee must present claim form + death cert + KYC to get FD proceeds. If no nominee — legal heirs/succession certificate route as per bank’s slabs (banks often have different documentation for small vs large sums).
Processing
Bank verifies documents, settles the balance or re-issues FD in heirs’ names per bank rules. Timelines & requirements vary across banks and by amount.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
November 04, 2025, 06:30 IST
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Stemaide’s goal is to bring science and technology skills to all young Africans.
Started in 2022 in Ghana, it has developed a science kit that will work in areas without the internet.
Prince Boateng Asare, CEO of Stemaide, says the firm wants to prepare young Africans for the jobs of the future.
This is the second in a six-part series on technology in Africa.
DHAKA: Bangladesh will not hesitate to cancel a 2017 power contract with India’s Adani group if any irregularities or corruption are proven, said the Muhammad Yunus-led interim government, referring to an interim report that claimed “massive governance failure” and “massive corruption” across the energy sector.The report was submitted by the national review committee, established to review power sector contracts signed during the Sheikh Hasina governmet. Its chief, retired HC judge Moinul Islam Chowdhury, said Sunday “we found massive corruption, collusion, fraud, irregularities and illegalities”.While contracts affirm no corruption has taken place, cancellation remains possible if evidence proves otherwise, said power, energy and mineral resources adviser Muhammad Fouzul Kabir Khan at a press conference Sunday, following a meeting with the panel. “Verbal assurances won’t be accepted by courts; there must be proper justification,” he added.The 25-year deal between Adani Power and Bangladesh Power Development Board – which obliges Bangladesh to buy 100% of electricity generated by Adani’s 1,600 MW coal-fired power plant in Jharkhand – had come in for scrutiny after Hasina govt’s ouster. The plant was built to supply power exclusively to Bangladesh via a cross-border transmission line.Committee member Mushtaq Husain Khan said because it is a sovereign contract, it can’t be terminated arbitrarily. Cancelling such agreements could expose Bangladesh to substantial financial penalties from international arbitration courts, he said.
How To Claim Investments Of Deceased Holders: A Step-By-Step Guide For Mutual Funds & Bank Accounts
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