Spirit Details Final Hours and Lays Out Liquidation Plan in 500+ Page Filing
Photo Credit: A Spirit Airlines Airbus A320 in Los Angeles. Vincenzo Pace
Skift Take
Spirit said it explored every possible option to stay in business, but it was left with no other choice to liquidate because it did not have a sufficient amount of cash.
High fuel prices spurred by the Iran war is ultimately what led to Spirit Airlines’ demise, the carrier said in a court filing posted Monday.
Spirit confirmed in the court filing that it started preparing for a wind down on Thursday after it became clear that it could not secure a bailout from the government.
“Having fought valiantly for months to reorganize, and having all but succeeded, the Debtors are left with no alternative to an orderly wind-down of operations,” said Spirit chief financial officer Fred Cromer in the filing. The embattled carrier burned through $100 million in fuel costs between March 1 and April 30.
“The material additiona
