Spirit Airlines has filed for Chapter 11 bankruptcy protection in an effort to recover from significant financial losses totaling more than $2.5 billion since 2020.
Despite filing for bankruptcy, Spirit Airlines assured customers that operations would continue as normal, emphasizing that they can still book and fly without interruption.
CEO Ted Christie noted that discussions with bondholders regarding the airline's debt were a priority, highlighting efforts to enhance liquidity and reimagine their product offerings.
While Spirit's passenger numbers slightly increased by 2%, the airline reported a 10% decrease in fare revenue per mile, which has significantly impacted its financial performance.
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