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.
