Reported 3 days ago
Spirit Airlines has filed for Chapter 11 bankruptcy as it deals with over $2.5 billion in losses since 2020 and impending debt payments exceeding $1 billion in 2025 and 2026. Despite the bankruptcy filing, the airline plans to operate normally, allowing customers to book flights and use frequent-flyer points. Spirit has been facing stiff competition and rising costs, leading to a 20% drop in revenue per mile. In a shift from its traditional low-cost model, the airline has introduced bundled fares and cut its schedule to enhance profitability.
Source: YAHOO