Spirit Airlines Files for Bankruptcy; Lost $2.2 Billion in 5 Years

Published On Nov 18, 2024, 5:11 AM

Spirit Airlines has filed for Chapter 11 bankruptcy protection, struggling with a massive debt crisis of approximately $9 billion and failing to renegotiate it with bondholders. The airline's attempts to merge with JetBlue were blocked by a federal judge, leading to significant financial losses exceeding $2.2 billion since 2020. Despite these challenges, Spirit has announced plans to restructure its debts and intends to continue operating normally for its customers through this period, while indicating a potential exit from bankruptcy by the first quarter of next year.