Spirit Airlines closed its doors, canceling thousands of flights overnight

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The liquidation process follows the company’s extensive and comprehensive efforts to restructure the business and pursue transactions to strengthen Spirit’s financial position and create a sustainable path forward. Unfortunately, despite the company’s efforts, the recent material increase in oil prices and other pressures on the business have significantly impacted Spirit’s financial outlook. With no additional financing available for the company, Spirit had no choice but to begin the liquidation process.

“For more than 30 years, Spirit Airlines has played a pioneering role in making travel more accessible and bringing people together while promoting affordability throughout the industry,” said Dave Davis, Spirit’s president and CEO. “In March 2026, we reached agreement with our bondholders on a restructuring plan that would have allowed us to emerge as a company going forward. However, the sudden and sustained rise in fuel prices in recent weeks ultimately left us with no alternative but to pursue an orderly liquidation of the company. Sustaining the business required hundreds of millions of additional dollars of liquidity that Spirit simply did not have and could not obtain. This is extremely disappointing and not the outcome that any of us wanted.”