In November, Spirit Airlines filed for Chapter 11 bankruptcy protection after struggling financially since 2019, losing over $2 billion since 2020. The Covid-19 pandemic exacerbated existing issues, including supply chain challenges, rising costs, and a Pratt & Whitney engine recall that grounded many jets. Additionally, consumer preferences shifted post-pandemic, favoring more space and amenities, while competition increased from legacy carriers offering basic economy fares. To manage its financial crisis, Spirit furloughed pilots, offered buyouts, sold parts of its fleet, and cut routes. The airline plans to maintain operations during bankruptcy and expects to emerge smaller by early 2025.
