No-frills US carrier Spirit Airlines files for bankruptcy protection

Published On Nov 18, 2024, 11:23 AM

Spirit Airlines has filed for Chapter 11 bankruptcy protection due to ongoing financial struggles and failed merger attempts. Despite this filing, the airline assured that its operations would continue normally and passengers would not be affected. The bankruptcy process is expected to last until early 2025, and the airline has arranged a deal to restructure its debt. However, the company will be de-listed from the New York Stock Exchange, and current stocks will have no value. Spirit has not recorded a profitability since the pandemic began and reported significant losses earlier this year, coupled with increased competition and mechanical issues.