Spirit Airlines Files for Bankruptcy Amid Financial Losses 

⏺Spirit Airlines, the largest low-cost carrier in the U.S., has filed for bankruptcy.

⏺Since the onset of the COVID-19 pandemic, the airline has incurred losses exceeding $2.5 billion. Spirit Airlines now faces over $1 billion in debt payments due in the coming years.

⏺The airline stated it plans to continue operating as usual during the bankruptcy process.

⏺Key factors contributing to the downturn include rising costs, particularly for labor, decreased demand, and the expansion of the premium air travel market.

⏺Notably, Spirit Airlines’ stock has plummeted by 98% since the end of 2018, when the company was still profitable.