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What will be Spirit Airlines' stock price trend by end of 2025?
2
Resolution / Starting Odds
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Story
Spirit Airlines Files Prearranged Chapter 11 Bankruptcy to Slash $1.1 Billion Debt
Nov 18, 2024, 10:09 AM
Spirit Airlines Inc., the pioneer of no-frills travel in the US, filed for prearranged Chapter 11 bankruptcy protection in New York after a long run of quarterly losses and significant debt. The budget carrier, known as a budget travel icon, aims to slash $1.1 billion in debt while keeping its planes flying. The filing follows a series of setbacks, including increased competition from rival airlines, engine failures, and a blocked merger with JetBlue Airways Corp. Additionally, Frontier Group Holdings Inc. reportedly withdrew its acquisition bid for Spirit. Following the news, shares of Spirit Airlines (NASDAQ: SAVE) plummeted 61%.
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