Spirit said in a filing announcing bankruptcy protection that it would continue all its normal operations, and that customer tickets remain vaild.

Spirit Airlines filed for bankruptcy protection Monday, as mounting losses, unaffordable debt, increased competition for bargain-seeking airline passengers and the inability to merge with other airlines left it little choice.

The airline hasn't posted an annual profit since 2019 and lost more than $335 million in the first half of the year.

Things briefly reversed course recently. From Oct. 18 to Nov. 11, shares of the troubled airline surged 131% higher. The company initially gave shareholders a sigh of relief when it said it was able to secure an extension with bondholders to refinance its debt.

In a shocking turn of events, Spirit Airlines is reportedly preparing to file for Chapter 11 bankruptcy protection. This news comes on the heels

Spirit Airlines’ shares plunged more than 50% in early trading Wednesday, following a report that it is preparing to file bankruptcy — and the company’s announcement that it won’t report quarterly financial results because it’s scrambling to reach a deal with creditors.

Spirit Airlines' stock plunged 59% on Wednesday as the budget airline worked with creditors to restructure debt amid reports the company could file for bankruptcy protection within the next few weeks.

(Reuters) -Spirit Airlines has filed for bankruptcy protection after the pioneer of no-frills travel in the U.S. struggled with a long run of quarterly losses and significant debt, it disclosed on Monday.

Spirit Airlines is reportedly considering bankruptcy protection. That could mean flying fewer routes, allowing competitors to raise prices.

Spirit Airlines is likely to file for bankruptcy due to a failed merger with Frontier Airlines, making SAVE shares a Sell. Click here to read why.