The Soaring Press

DANIA BEACH, Fla — Spirit Airlines filed for Chapter 11 bankruptcy for the second time this year, looking to cut costs, streamline routes and keep flights running while it restructures. On Aug. 29, Spirit Aviation Holdings, LLC. and parent company of Spirit Airlines announced that they have voluntarily applied for Chapter 11 bankruptcy with  the U.S. Bankruptcy Court for the Southern District of New York  in hopes of keeping the airline in business. According to Spirit, it seeks to use Chapter 11 to make broad changes and "position it to deliver the best value in the sky for years to come." The plan is to work with stakeholders over the coming months to find a path forward and the filing gives them the flexibility they need. "Since emerging from our previous restructuring, which was targeted exclusively on reducing Spirit's funded debt and raising equity capital, it has become clear that there is much more work to be done and many more tools are available to best...

  DEERFIELD, Ill.   —  Walgreens is now officially a privately held company after being acquired by private equity firm Sycamore Partners. If you held stock in Walgreens Boots Alliance, Inc., owner of Walgreens Co., you may have noticed that the stock was removed from the Nasdaq on Thursday, and you are wondering what happened. On August 28, Sycamore Partners, a private equity firm based in New York that specializes in consumer, distribution and retail-related investments, announced that it had completed its acquisition of Walgreens Boots Alliance, Inc . The deal was first announced in March, and in July, the shareholders approved the move that Sycamore said could represent a transaction of up to $23.7 billion. As a result, Walgreens Co., the independent retail pharmacy, will now be a stand-alone private company, with Mike Motz, the former CEO of Staples US Retail, as its new chief executive. “Today represents an exciting new chapter and a turning point for Walg...

ATLANTA  —  United Parcel Service (UPS) is offering a voluntary buyout program with a financial package for its full-time U.S. drivers as part of a major network reconfiguration, allowing drivers to choose whether to leave while maintaining their earned retirement benefits. On July 3, UPS released a statement on its website about a voluntary buyout program for U.S. drivers, offering a financial package for those who choose to leave the company. The program comes as UPS undertakes what it calls the "largest network reconfiguration in its history" to adapt to a changing business landscape. The program would allow drivers to receive a payout in addition to earned retirement benefits, such as pension and healthcare plans. "As we navigate an unprecedented business landscape, we are executing the largest network reconfiguration in UPS history," the UPS statement read.  According to UPS, the program is voluntary and has approached the Teamsters union, reaffirming its comm...

Mexican boxer Julio César Chávez Jr. has been detained by the Immigration and Customs Enforcement (ICE). On July 2, Julio César Chávez Jr. was detained by ICE in Studio City, California. According to a Department of Homeland Security (DHS) press release , Chávez, a Mexican national, is being processed for expedited removal from the United States for being in the country illegally and for his alleged ties to the Sinaloa Cartel. DHS stated that Chávez entered the U.S. on a B2 tourist visa that expired in February 2024. Chávez applied for Permanent Resident status in April 2024 based on his marriage to a U.S. citizen with ties to the Sinaloa Cartel, but he was considered illegally present in the U.S.  Chávez was ordered removed on June 27, 2025, after making fraudulent statements on his application. According to DHS, Chávez also has an active arrest warrant in Mexico that accuses the boxer of being involved in organized crime, specifically trafficking firearms, ammunition and exp...

WALNUT CREEK, Calif.  —  Del Monte Foods, a leading producer of canned fruits and vegetables, filed for Chapter 11 bankruptcy   with the United States Bankruptcy Court District of New Jersey  to pursue a court-supervised sale. On July 1, the company announced that bankruptcy would help the company find new ownership, restructure its balance sheet and maximize value for stakeholders through a sale of all or most of its assets. Del Monte Foods has a restructuring support agreement with key lenders that support the sale. The company has secured $912.5 million in debtor-in-possession financing, of which $165 million is new funding, to remain operational through the current pack season and bankruptcy proceedings. “This is a strategic step forward for Del Monte Foods. After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods. W...

23andMe, the DNA testing company that helps you understand your ancestry and health, has filed for Chapter 11 bankruptcy. Now, states are urging consumers to consider deleting their genetic data due to privacy concerns. On March 23, 23andMe , Inc. filed a voluntary petition for bankruptcy with the U.S. Bankruptcy Court for the Eastern District of Missouri. The filing allows 23andMe, Inc. to continue operating the business while it looks for a buyer. “After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business,” said Mark Jensen, Chair and member of the Special Committee of the Board of Directors. “We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities. We believe in the value of our people and our assets and hop...