Spirit Airlines Seeks Retention Pay During Wind-Down
Spirit Airlines is seeking court approval to pay 10.7 million dollars in retention bonuses after ending operations. The carrier cited high fuel costs for the move.
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Spirit Airlines (SAVE) ceased operations on Saturday and is seeking U.S. bankruptcy court approval to pay $10.7 million in retention bonuses to remaining staff. The wind-down follows the collapse of a $500 million United States government bailout after creditor objections blocked the deal. Spirit's liquidation highlights the terminal impact of surging fuel prices on low-cost carriers following recent military escalations in the Middle East.
