Spirit Airlines Files for Bankruptcy

Spirit Airlines, one of the largest air travel companies in the world, has announced that it has filed for bankruptcy.

The company filed for Chapter 11 bankruptcy for federal protections related to its finances, particularly its insurmountable amount of debt.

The airline noted that its consumers will not experience disruptions in travel during the process.

The company lost more than $2.5 billion since 2020 as pandemic-era economic impacts dealt a severe amount of damage to the company.

The company has faced greater competition in the airline industry, as well as higher expenses as a result of rising energy prices due to geopolitical tensions.