Spirit Airlines Faces Bankruptcy Amid Financial Turbulence
Spirit Airlines, a major player in budget air travel, has filed for bankruptcy protection due to mounting losses, a failed merger with JetBlue, and increased costs post-pandemic. Despite the filing, Spirit plans to continue operations and expects to exit bankruptcy by early next year. The airline has faced challenges such as an engine recall and a blocked merger, leading to significant financial losses and a need to sell assets. Spirit's business model of low fares with additional fees influenced larger carriers but struggled as travel dynamics shifted.