The wind-down follows the Firm’s intensive and complete efforts to restructure the enterprise and pursue transactions to strengthen Spirit’s monetary place and create a sustainable path ahead. Sadly, regardless of the Firm’s efforts, the latest materials improve in oil costs and different pressures on the enterprise have considerably impacted Spirit’s monetary outlook. With no extra funding out there to the Firm, Spirit had no alternative however to start this wind-down.
“For greater than 30 years, Spirit Airways has performed a pioneering function in making journey extra accessible and bringing individuals collectively whereas driving affordability throughout the business,” mentioned Dave Davis, Spirit’s President and Chief Govt Officer. “In March 2026, we reached an settlement with our bondholders on a restructuring plan that will have allowed us to emerge as a go-forward enterprise. Nevertheless, the sudden and sustained rise in gasoline costs in latest weeks in the end has left us with no different however to pursue an orderly wind-down of the Firm. Sustaining the enterprise required lots of of tens of millions of extra {dollars} of liquidity that Spirit merely doesn’t have and couldn’t procure. That is tremendously disappointing and never the result any of us wished.”
