Spirit Airlines filed for Chapter 11 bankruptcy protection Monday after accumulating more than $2.5 billion in losses since 2020 and facing looming debt payments exceeding $1 billion.
The filing follows numerous business challenges, including increased competition from major carriers, declining fare revenues, and a failed $3.8 billion merger attempt with JetBlue that was blocked by federal regulators earlier this year.
The airline assured passengers they can continue to book and fly as normal, use all tickets and loyalty points, and access Saver$ Club perks during the restructuring process, which it expects to complete in the first quarter of 2025.
The bankruptcy filing will result in Spirit being delisted from the New York Stock Exchange.
