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Market
Will Spirit Airlines' market share change by end of 2024?
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Story
Spirit Airlines Files for Chapter 11 Bankruptcy After JetBlue Merger Fails
Nov 18, 2024, 10:34 AM
Spirit Airlines Inc. has filed for Chapter 11 bankruptcy protection in a New York court, following years of financial losses and a failed merger with JetBlue Airways Corp. The airline, known for its budget travel model, has struggled with mounting debts and a significant drop in share value, with shares plummeting 61% after Frontier Group Holdings Inc. reportedly withdrew its acquisition bid. Spirit aims to slash $1.1 billion in debt while continuing operations. The filing comes after the carrier faced challenges from increased competition, a long run of quarterly losses, and the impact of the travel industry's recovery from the Covid-19 pandemic.
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