Spirit Airlines(SAVE) Fox Business·2024-11-18 11:05Core Viewpoint - Spirit Airlines has filed for Chapter 11 bankruptcy protection due to significant financial struggles, including mounting losses and debt maturities, following two failed mergers in less than two years [1] Financial Situation - The airline has experienced repetitive quarterly losses, leading to the bankruptcy filing [1] - In October, Spirit announced plans to sell multiple aircraft and lay off workers to raise cash and revive operations [2] Strategic Initiatives - Spirit Airlines has entered into an agreement with its bondholders aimed at reducing total debt and providing increased financial flexibility [3] - The company aims to strengthen its balance sheet and position itself for the future while executing strategic initiatives to enhance guest experience and provide greater value [4] Customer Operations - Despite the bankruptcy filing, Spirit Airlines stated that guests can still book flights and use all tickets, credits, and loyalty points as normal [5]