24 sources·Business

Spirit Airlines Files for Chapter 11 Bankruptcy Protection Amid Financial Struggles

Spirit Airlines enters Chapter 11 bankruptcy, assuring customers that operations will continue unaffected, while restructuring to address $1 billion in debt.

13%

67%

21%

The distribution of story sources: left-leaning (blue), center (light gray), and right-leaning (red).

Mostly Reliable

The underlying sources are generally reliable but sometimes include opinion, propaganda, or minor inaccuracies.

Balanced

The underlying sources are either a balanced mix of left and right or primarily centrist.

Subscribe to unlock this story

We really don't like cutting you off, but you've reached your monthly limit. At just $3/month or $30/year, subscriptions are how we keep this project going. Start your free 7-day trial today!

Get Started

No highlights available for this story.

Updated: Nov 18th, 2024, 7:49 PM ET

Summary

A summary of the key points of this story verified across multiple sources.

Spirit Airlines has filed for Chapter 11 bankruptcy protection after incurring over $2.5 billion in losses since 2020. The airline will continue normal operations and honor existing tickets and loyalty points. Facing over $1 billion in upcoming debt payments, Spirit aims to restructure with $350 million in equity investment and $300 million in loans from bondholders. The company is reducing its flight schedule by 20% this quarter, as competition intensifies from other budget carriers. Spirit expects to complete its restructuring efforts by early 2025 and warns of potential challenges attracting customers during the busy holiday season.

Perspectives

Compare opinions on this story from liberal (Left), conservative (Right) or center-leaning news organizations.

No center-leaning sources available for this story.

History

A summary of how this story has evolved over the last 24 hours.