Spirit Airlines starts wind-down of operations, cancels all flights

Spirit Aviation (FLYYQ) Holdings, parent company of Spirit Airlines, announced that the company has started a wind-down of operations, effective immediately. All Spirit flights have been cancelled. Spirit said, “The wind-down follows the Company’s extensive and comprehensive eff orts to restructure the business and pursue transactions to strengthen Spirit’s financial position and create a sustainable path forward. Unfortunately, despite the Company’s eff orts, the recent material increase in oil prices and other pressures on the business have significantly impacted Spirit’s financial outlook. With no additional funding available to the Company, Spirit had no choice but to begin this wind-down.” Spirit will process refunds for any flights purchased through Spirit.