Years of losses and two failed mergers have caused the ultra-low-cost carrier’s stock price to tumble 92% in the past year. But Spirit says it will bounce back.

South Florida-based Spirit Airlines filed a pre-planned Chapter 11 bankruptcy petition in New York and will continue operations as it seeks to reduce its debt load and return to profitability

Spirit Airlines says it will continue flying as it files for Chapter 11 bankruptcy protection. Monday's announcement follows years of losses and a failed merger attempt for the low-cost carrier.

The budget airline points to multiple factors in the choice to file for bankruptcy, with one being the collapse of its $3.8 billion planned merger with JetBlue Airways in January and the impact of RTX's, Pratt & Whitney Geared Turbofan engines snag that grounded many of its aircraft.

Spirit Airlines files for bankruptcy after years of losses and a blocked JetBlue merger. The carrier secures $300M in financing, aiming to exit bankruptcy by next year.

Medical-services company Caremax (NASDAQ:CMAX) filed for chapter 11 bankruptcy protection on Sunday, media outlets reported, citing court documents.   Caremax, which largely serves older patients, operates 56 medical centers in Florida,

Spirit Airlines has filed for Chapter 11 bankruptcy protection following significant financial struggles due to mounting losses and debt maturities, the airline announced Monday. The filing comes after two failed mergers in less than two years – one recently with Frontier and another earlier in 2024 with JetBlue – which left the ultra-low-cost carrier in a bind after repetitive quarterly losses.

Budget carrier Spirit Airlines announced early Monday that it has filed for Chapter 11 bankruptcy, saying it expects to spend the next year going through the process.

The bankruptcy filing on Monday comes as Spirit Airlines had recorded increasingly steep losses post-pandemic.