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Spirit Airlines files for bankruptcy amid growing losses and debt (www.nbcnews.com)

submitted 1 month ago by [email protected] to c/[email protected]

17 comments fedilink hide all child comments

Summary

Spirit Airlines has filed for Chapter 11 bankruptcy, citing mounting losses, debt, and the failure of its proposed $3.8 billion merger with JetBlue.

Operations, including ticket sales, will continue as normal, with the airline securing $300 million in financing and planning to exit bankruptcy by early 2025.

Spirit has also arranged a $350 million equity investment from bondholders.

Struggling since the pandemic, Spirit deferred $1.1 billion in debt, faced an engine recall, and announced cost-cutting measures, including job cuts and selling older planes.

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[–] [email protected] 4 points 1 month ago (1 children)

We usually take a look at Spirit before booking flights, and with all of their add on fees it often ends up being more expensive.

[–] [email protected] 2 points 1 month ago

Yeah, but a lot of that comes from the legacy airlines in the US becoming low cost carriers.

I won't be surprised when it happens to the EU when more flag carriers go bankrupt.