Spirit operates as “ultra low cost,” meaning that those who travel with Spirit buy purely their plane ticket without added amenities. Travelers do not get complimentary snacks or drinks and must pay for a carry-on bag. However, this option allows people to fly at an affordable price.

After unsuccessful attempts to merge with Frontier and then JetBlue, a struggling Spirit Airlines filed for bankruptcy protection Monday morning. But the third strike doesn’t mean Spirit is out. “The biggest thing — number one,

Spirit Airlines, the airline of choice for many budget travelers, filed for bankruptcy protection Monday, raising questions about the viability of no-frills airlines in the post-pandemic era, as consumer preferences shift toward more premium offerings.

Spirit failed to bounce back from the COVID-19 pandemic, largely due to rising operating expenses and stiffer competition. The airline has lost more than $2.5 billion since the beginning of 2020 while also racking up mounting debt.

Spirit Airlines entered chapter 11 Monday after reaching a restructuring deal with bondholders. Here's what that means for owners of Spirit shares. What will shareholders receive? They are set to be wiped out.

The company has reassured passengers that its Chapter 11 bankruptcy will not affect their bookings and that staff will still be paid.

Spirit Airlines, the nation's largest discount airline, has filed for bankruptcy protection. The company has had at least two failed merger attempts in recent years as it struggled to rebound from the COVID-19 pandemic.