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(RTTNews) - Spirit Aviation Holdings Inc. (FLYYQ), parent company of Spirit Airlines, LLC, announced that the airline has begun an orderly wind-down of operations, effective immediately. All Spirit flights have been cancelled, and customers are advised not to go to the airport.
The decision follows extensive efforts to restructure the business and pursue transactions aimed at strengthening Spirit's financial position. However, a sharp rise in oil prices and other business pressures significantly impacted the company's outlook. With no additional funding available, Spirit determined it had no choice but to initiate the wind-down.
"For more than 30 years, Spirit Airlines has played a pioneering role in making travel more accessible and affordable," said Dave Davis, Spirit's President and Chief Executive Officer. "While we reached a restructuring agreement with bondholders in March 2026, the sustained rise in fuel prices left us with no alternative but to pursue this path. Sustaining the business required liquidity that Spirit simply did not have and could not secure."
Spirit confirmed that refunds for flights purchased with credit or debit cards will be automatically processed to the original form of payment. Customers who booked through travel agents should contact them directly, while compensation for bookings made with vouchers, credits, or Free Spirit points will be determined later through the bankruptcy process.
FLYYQ closed Friday's regular trading at $1.045 down $0.355 or 25.36%.
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