"Spirit Airlines has filed for Chapter 11 bankruptcy protection after struggling with years of losses, failed merger attempts, and heavy debt levels, marking the first major U.S. airline to do so in over a decade."
"Intense competition among U.S. carriers for price-sensitive leisure travelers and an oversupply of airline seats have hit Spirit's pricing power, reflected in its average fare per passenger falling by 19 percent year-on-year in the first half of the year."
"The company anticipates exiting bankruptcy in the first quarter of 2025, and reassured customers that operations will continue as normal during these proceedings."
"Spirit Airlines’ shares plummeted more than 90 percent this year and are expected to be delisted from the NYSE, where they will be canceled and have no value as part of the restructuring."
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