Spirit Airlines higher premarket after disclosing a comprehensive balance sheet restructuring plan with support from bondholders. Expected delisting, bankruptcy emergence in Q1 2025.

Spirit Airlines, Inc., a prominent low-cost carrier with multiple weekly flights to the U.S. Virgin Islands, has officially filed for Chapter 11 bankruptcy in a New York court, listing assets and liabilities valued between $1 billion and $10 billion.

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 Airlines, whose approach to selling cheap tickets without amenities earned it fans and detractors, filed for bankruptcy protection on Monday after a string of setbacks, most recently a failure to renegotiate its looming debt.

Spirit failed to bounce back from the COVID-19 pandemic, largely due to rising operating expenses and stiffer competition. The airline has lost more than $2.5 billion since the beginning of 2020 while also racking up mounting debt.

US budget carrier Spirit Airlines has filed for bankruptcy protection after a long run of financial losses and a series of failed merger attempts. On Monday, the Florida-based airline said it had arranged an agreement to restructure its debt and raise money during a bankruptcy process that is expected to last until early 2025.