Spirit Airlines files for bankruptcy amid mounting losses and debt woes

Quick Summary:

Airlines Writer Spirit Airlines said Monday that it 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.

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.

Spirit, the biggest US budget airline, has lost more than $2.5 billion since the start of 2020 and faces looming debt payments totaling more than $1 billion over the next year.

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Category: BusinessFinance

Markets: India

Topics: Spirit Airlines files for bankruptcy as financial losses pile up Debt payments loom

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-18 @ 17:59:47 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 778 words

Reading Time: 5 minutes read

Sentences: 38 lines

Sentence Length: 21 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23658091

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