Spirit Airlines, once emblematic of ultra-low-cost travel, has filed for Chapter 11 bankruptcy after merger efforts failed and the airline endured severe financial losses.
Spirit Airlines plunged into bankruptcy proceedings following a $3.8 billion merger with JetBlue being blocked, compounded by past failed attempts to merge with Frontier Airlines.
The company’s ambition to grow aggressively post-pandemic resulted in a significant cash loss and excess capacity, severely impacting its competitiveness against major airlines.
Spirit’s CEO claimed the merger with JetBlue would benefit consumers by fostering competition against major airlines, a sentiment contradicted by the Attorney General who highlighted potential fare increases.
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