Spirit Airlines has filed for bankruptcy protection and will attempt to reboot as it struggles to recover from the pandemic-caused swoon in travel and a failed attempt to sell the airline to JetBlue. Spirit is the biggest U.S. budget airline. It has lost more than $2.
FILE - A Spirit Airlines 319 Airbus approaches Manchester Boston Regional Airport for a landing, Friday, June 2, 2023, in Manchester, N.H. FILE - Passengers wait in a line for help at the Spirit Airlines ticket counter at the Tampa International Airport Thursday, June 1, 2023, in Tampa, Fla. FILE - A Spirit Airlines 319 Airbus approaches Manchester Boston Regional Airport for a landing, Friday, June 2, 2023, in Manchester, N.H.
Shares of Miramar, Florida-based Spirit dropped 25% on Friday, after The Wall Street Journal reported that the airline was discussing terms of a possible bankruptcy filing with its bondholders. It was just the latest in a series of blows that have sent the stock crashing down by 97% since late 2018 — when Spirit was still making money.
It’s not a new trend. Spirit failed to return to profitability when the coronavirus pandemic eased and travel rebounded. There are several reasons behind the slump.
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