On Friday, Spirit Airlines published an open letter to its guests announcing that the airline has filed for Chapter 11 bankruptcy. While operations will continue as normal for now, the bankruptcy process will involve redesigning its network, "rightsizing" its fleet and being delisted from the New York stock exchange.
Spirit Airlines has been in financial trouble since the pandemic. A recent report filed with the Securities and Exchange Commission (SEC) has raised concerns among investors and travelers about the company's viability beyond the next 12 months.
