An airline once popular with those seeking travel options on a tight budget has filed for bankruptcy.

Rough Skies For Airline Industry

It’s been a bumpy ride for several airlines and their passengers in recent years. Rising operating costs has skyrocketed airfare for many customers, removing flying as a cost-effective travel option.

For some. that also includes affordable budget airlines like Spirit.

The Florida-based airline, known for its yellow planes, has remained a stalwart among those offering low-cost air travel. CNBC even referred to Spirit as “an icon of budget air travel that reshaped the industry in a recent article.

“Spirit’s business model of offering rock-bottom fares and fees for everything from seat assignments to cabin baggage was a success with bargain hunting customers, allowing it to expand over more than a decade,” the outlet said.

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Unfortunately, Spirit has hit some financial turbulence requiring the airline to file for bankruptcy as it has reportedly not had a profit since 2019.

Will Spirit Airlines Shutdown?

Spirit had made several attempts to correct its finances prior to filing for chapter 11 bankruptcy protection this week. Fox Business noted that company announced just last month that it would be selling some of its planes and laying off workers.

The report said, however, that an immediate shutdown of Spirit was not expected. Instead, the company is looking to reduce its debt while also obtaining “increased financial flexibility.”

The Street took it a step further reporting that Spirit has already vowed not to cancel any flights while also continuing to let customers use credits and loyalty points as normal.

Spirit, which began as a moving company in the 1960s, has been operating as an airline since 1983. It currently flies to 83 destinations throughout the U.S., South America, Central America and the Caribbean.