Spirit Airlines filed for Chapter 11 bankruptcy on Monday. The carrier plans to continue operations as it restructures and expects to emerge from bankruptcy in early 2025. The airline cited surging costs, pandemic impacts, and the failure of its proposed JetBlue merger as key factors. Shares have plunged over 90% this year and will be delisted. Spirit’s business model, which inspired basic economy offerings from major carriers, faces challenges in a post-pandemic travel landscape.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Streat Airlines has filed for Chapter 11 bankruptcy on Monday.
00:05The carrier plans to continue operations as it restructures and expects to emerge
00:09from bankruptcy in early 2025. The airline has cited surging costs,
00:14pandemic impacts, and the failure of its proposed JetBlue merger as key factors.
00:19Shares have plunged over 90% this year and will be delisted.
00:23Spirit's business model, which is inspired by basic economic offerings from major carriers,
00:28faces challenges in a post-pandemic travel landscape.