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Spirit Airlines files for bankruptcy as financial losses pile up and debt payments loom

Spirit
Spirit

Spirit Airlines has filed for bankruptcy protection and will attempt to reboot as it struggles to recover from the pandemic-caused swoon in travel and a failed attempt to sell the airline to JetBlue. 

Spirit is the biggest U.S. budget airline. 

It has lost more than $2.5 billion since the start of 2020 and faces looming debt payments totaling more than $1 billion over the next year. 

Shares of Miramar, Florida-based Spirit dropped 25% on Friday. 

That was after The Wall Street Journal reported that the airline was discussing terms of a possible bankruptcy filing with its bondholders.

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