Spirit Airlines ceases operations after failed government rescue
Spirit Airlines has shut down and canceled all flights after a $500 million government rescue deal collapsed. A creditor group rejected the bailout, while surging jet fuel costs drained the discount carrier's finances. The airline's sudden closure leaves thousands of passengers stranded and raises questions about the viability of ultra-low-cost carriers in the current economic climate.
Key facts
- Spirit Airlines shut down after a $500 million government rescue deal fell apart
- The discount carrier canceled all flights
- A creditor group rejected the government bailout
- Surging jet fuel costs drained Spirit's finances
Entities
Institutions
- Spirit Airlines
Sources
- Quartz —