Spirit Airlines initiates structured wind-down of services
Spirit Aviation Holdings, Inc., the parent company of Spirit Airlines, LLC, announced today that it has begun an orderly wind-down of operations, effective immediately.
All Spirit flights have been cancelled, and passengers are advised not to go to the airport. This decision follows the company's extensive efforts to restructure its business, News.Az reports, citing foreign media.
The wind-down 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.
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 funding available to the Company, Spirit had no choice but to begin this wind-down.
By Ulviyya Salmanli
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