Spirit Airlines Shuts Down Following Bankruptcy Collapse
The budget carrier collapsed after jet fuel prices doubled during the Iran war. Rival airlines are capping fares to assist 15,000 workers and stranded travelers.
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Spirit Airlines ceased operations on Saturday, cutting 15,000 jobs after jet fuel prices doubled to $4.51 a gallon during the Iran war. It is the first liquidation of a major United States carrier in 20 years, following two bankruptcy filings within 12 months. The collapse removes 5% of domestic flight capacity, pressuring budget-conscious travelers and benefiting rivals as fuel costs surge.
