Good morning. It's Tuesday, Nov. 19, and we're covering a discount airline's mounting debt, new research on fat cells and obesity, and much more. First time reading? Join over 4 million intellectually curious readers. Sign up here.
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Spirit Seeks Financial Lifeline |
Spirit Airlines has filed for Chapter 11 bankruptcy protection, marking the first major US airline bankruptcy in over a decade. The move follows a failed merger attempt with JetBlue Airways, which a federal judge blocked in January on antitrust grounds.
The budget carrier—which has accumulated over $2.5B in debt since 2020—reported a loss of more than $335M in the first half of 2024 and faces debt payments totaling more than $1B in 2025 and 2026. It has faced financial pressures due to the COVID-19 pandemic, rising fuel costs, labor shortages, increased competition, and an engine recall that grounded dozens of its jets.
The filing is backed by existing bondholders with $350M in equity investment and it plans to convert $795M of debt into stock. Additionally, the bondholders will provide $300M in debtor-in-possession financing. Spirit aims to complete the restructuring process by the first quarter of 2025.
The company's shares have fallen more than 90% year-to-date. |
Fat Cells 'Remember' Obesity |
Fat tissue cells keep a "memory" of obesity after dieting, with long-lasting changes to gene function, a new study finds. The study may help explain why many people struggle to sustain long-term weight loss.
Researchers analyzing fat tissue cells in humans and mice found epigenetic changes to the RNA of those with a history of obesity compared with control groups (see RNA overview). Genes involved in metabolism for those individuals were turned off; their fat cells also took in nutrients at a faster rate. After low-calorie diets, those with a history of obesity regained weight faster than their respective control groups.
The study suggests a correlation—not necessarily causal tie—between the pace of weight regain and epigenetic markers for those with a history of obesity. These molecular differences remained even after stomach reduction and gastric bypass surgery, with no known mechanism to reverse them. Researchers suggest their findings may emphasize the value of prevention. Read the full study here. |
New York City’s transit authority voted 12-1 yesterday to approve a first-in-the-nation daily toll on vehicles entering Manhattan's central business district, starting around Jan. 5. The revised proposal is expected to generate $15B to help modernize the city's 120-year-old transit system.
Under the plan, most motorists with E-ZPasses will pay $9, rather than an initially proposed $15, to enter Manhattan's busiest areas between 5 am and 9 pm each weekday and 9 am and 9 pm on weekends. The fee is set to increase to $15 by 2031. Trucks with E-ZPasses will be charged $14.40 during the same hours.
New York Gov. Kathy Hochul (D) unveiled the revised initiative last week after sidelining the original version in June following criticism over economic concerns. Opponents also argue the plan would force commuters to take different routes, potentially increasing pollution in other parts of the city.
Federal transportation authorities must now approve the plan, which President-elect Donald Trump has said he will terminate once in office. |
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Science’s Great Untold Stories |
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Sports, Entertainment, & Culture |
> Shaboozey's "A Bar Song (Tipsy)" tops Billboard Hot 100 for 18th week, one week from tying record for most weeks at No. 1 (More) |
> Beyoncé tapped to perform at halftime at Baltimore Ravens-Houston Texans Christmas Day matchup on Netflix (More) | LeBron James' production company merges with UK company behind Grammy Awards and "The Kardashians" (More) |
> Pittsburgh Pirates' Paul Skenes, New York Yankees' Luis Gil win MLB's National and American League Rookie of the Year awards (More) | CC Sabathia, Ichiro Suzuki headline group of 14 debuting on baseball Hall of Fame ballot (More) |
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> Pennsylvania school closes after a student creates and distributes explicit AI-generated deepfakes of a reported 50 students; head of school reportedly first learned of the issue in November 2023 (More) | How we've entered the age of deepfakes (More, w/video) |
> Researchers use AI to identify three subtypes of the congenital brain disorder known as Chiari type 1; affecting roughly 4% of the population, condition occurs when the cerebellum protrudes through a gap in the skull (More) |
> Study reveals how dust mites trigger the immune system and cause allergic reactions after being inhaled (More) | See image of a dust mite under a scanning electron microscope (More) |
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In partnership with hear.com |
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> US stock markets close mixed (S&P 500 +0.4%, Dow -0.1%, Nasdaq +0.6%); Nasdaq boosted by Tesla, with EV maker's shares closing up nearly 6% on report of President-elect Donald Trump seeking to relax US self-driving vehicle rules (More) |
> Super Micro Computer shares rise 40% in after-hours trading after hiring BDO as its new auditor and filing a compliance plan with the Nasdaq composite to avoid delisting; move comes amid scrutiny on Super Micro's accounting practices (More) |
> Boeing to lay off more than 2,000 workers in Oregon and Washington next month as part of broader plan to cut 17,000 jobs or roughly 10% of its global workforce (More) |
📈 Retirement, venture capital, IPOs, oh my: Our weekly Business & Finance email dives deep into these topics and more. The next one comes out Thursday—sign up here for free! |
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> Brazil hosts annual G20 summit this week in Rio de Janeiro, the first to be held in South America's largest economy; early discussions center around Ukraine, China, and Trump (More) | President Joe Biden becomes first sitting US president to visit the Amazon rainforest (More) |
> At least one person dead following E. coli outbreak linked to organic carrots from grocery stores; at least 39 cases have been reported across 18 states so far, with 15 people hospitalized (More, w/map) |
> At least seven people dead from landslide in the northern Philippines triggered by Typhoon Man-yi (More) | Emergency declared in India's capital, New Delhi, as toxic smog clouds northern parts of the country (More) |
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> The Nvidia Way
Barron's | Tae Kim. How whiteboards, a flat organizational structure, and culture of innovation helped Jensen Huang take Nvidia from a simple microchip designer in the 1990s to the most valuable company of all time. (Read)
> The Fallen Queen of Reading
The Atlantic | Helen Lewis. Lucy Calkins was once beloved for her program teaching reading and writing—but a 2022 podcast has left her reputation in tatters. Is Calkins the woman responsible for America's literacy crisis, a scapegoat, or somewhere in between? (Read) |
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Curiosity Is a Superpower… |
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