Spirit Airlines Ceases Operations Following Bailout Failure
The discount carrier collapsed after jet fuel prices doubled during the Iran war. A proposed federal rescue plan failed to win support from company creditors.
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SPIRIT AVIATION HOLDINGS INC ceased operations on Saturday after failing to secure a $500 million United States government bailout. It is the first airline collapse linked to the Iran war, which doubled jet fuel prices in two months. The liquidation removes a carrier that once controlled 5% of domestic flights and helped keep fares lower in markets where it competed against major carriers.
