Spirit Airlines filed for Chapter 11 bankruptcy on Monday, just months after its merger with JetBlue collapsed.
The filing comes after The Wall Street Journal reported that talks with Frontier Airlines about reviving a merger broke down. This is the first time a major U.S. airline has filed for bankruptcy since 2011, when American Airlines entered Chapter 11 after facing high fuel and labor costs.
The company said the restructuring is expected to reduce its debt and provide “more financial flexibility.” The carrier filed for Chapter 11 with the Southern District of New York and will be de-listed from the New York Stock Exchange.
The carrier was in talks with bondholders about potentially filing for bankruptcy, according to a Wall Street Journal report from October
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