Spirit Airlines has filed for bankruptcy protection, signaling its struggle to recover from significant losses and a failed acquisition attempt, but plans to continue operations.
"We are focused on refinancing our debt, improving our overall liquidity position, deploying our new reimagined product into the market, and growing our loyalty programs," said CEO Ted Christie.
Despite a drop in revenue per mile from fares, Spirit reported a 2% increase in passenger count, indicating continued travel interest albeit at lower ticket prices.
Shares of Spirit Airlines plummeted over 25% in response to bankruptcy discussions, reflecting investor concern; however, they saw a slight recovery after the announcement.
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