Spirit Airlines files for Chapter 11 bankruptcy protection

Spirit Airlines files for Chapter 11 bankruptcy protection

Spirit Airlines has filed for Chapter 11 bankruptcy protection following significant financial struggles due to mounting losses and debt maturities, the airline announced Monday.

The filing comes after two failed mergers in less than two years – one recently with Frontier and another earlier in 2024 with JetBlue – which left the ultra-low-cost carrier in a bind after repetitive quarterly losses.

In October, Spirit announced plans to sell multiple aircraft and lay off workers as it tried to raise cash and revive operations.

SPIRIT PREPARES FOR BANKRUPTCY FILING AFTER FAILED FRONTIER TALKS: REPORT

Spirit Airlines

Spirit Airlines has filed for Chapter 11 bankruptcy protection, the company announced Monday morning. (Spirit Airlines / Fox News)

Spirit Airlines President and CEO Ted Christie said the airline has entered into an agreement with its bondholders that is expected to reduce the company’s total debt and provide increased financial flexibility.

“This set of transactions will materially strengthen our balance sheet and position Spirit for the future while we continue executing on our strategic initiatives to transform our guest experience, providing new enhanced travel options, greater value and increased flexibility,” Christie said in a news release. “I’m extremely proud of the Spirit team’s hard work and dedication, which is key to our sustained progress in advancing our business and delivering for our guests.”

The airline said the bankruptcy filing will not impact guests’ ability to book flights and travel as normal, or their ability to use tickets, credits and loyalty points. (Eva Marie Uzcategui/Bloomberg via Getty Images / Getty Images)

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The airline said guests can still book flights and fly as normal, and all tickets, credits and loyalty points can also be used as normal.

Israeli strikes kill 14 Palestinians in Gaza, some in attacks on tents, say medics Previous post Israeli strikes kill 14 Palestinians in Gaza, some in attacks on tents, say medics
Actor Vijay’s Party Junks AIADMK Tie-Up Buzz Before 2026 Poll Next post Actor Vijay’s Party Junks AIADMK Tie-Up Buzz Before 2026 Poll

Leave a Reply

Your email address will not be published. Required fields are marked *