Spirit Airlines Files for Bankruptcy, Restructures to Stay Afloat

The budget carrier aims to continue operations and reassure travelers amid financial restructuring under Chapter 11.

Spirit Airlines has filed for Chapter 11 bankruptcy due to ongoing financial struggles, including significant losses and failed merger attempts.
The airline plans to continue flight operations without disruption, assuring customers that tickets and loyalty points remain valid.
Spirit has secured a $350 million equity investment and $300 million in financing from bondholders to support its restructuring efforts.
The bankruptcy process is expected to be completed by early 2025, with Spirit aiming to emerge financially stronger.
Spirit's financial woes are partly due to increased competition, rising operating costs, and engine issues affecting its fleet.