The budget airline industry just hit some major turbulence. Spirit Airlines is making plans to shut down operations as soon as this Saturday, barring a last-minute rescue, according to reports confirmedFriday by CBS News and The Wall Street Journal. The closure would mark a stunning collapse for an airline that, despite its reputation for bare-bones service and extra fees, had made travel accessible to millions of budget-conscious travelers.
Spirit has already filed for bankruptcy twice in less than a year, and negotiations over a $500 million federal bailout fell apart after major bondholders refused to accept the terms. Meanwhile, Spirit's cash reserves—already depleted by years of pandemic losses, failed merger attempts, and mounting debt—have dwindled to days' worth of operating funds. Rising jet fuel costs tied to the war in Iran appear to have been the nail in the coffin, pushing the airline past its breaking point.
President Trump told reporters Friday he's still considering a potential taxpayer takeover, but only "if it's a good deal." Still, his administration signaled there would be no last-minute rescue effort, and Trump gave Spirit a "final proposal" with an announcement expected Friday or Saturday. Spirit has declined to comment so far, only stating that business is still operating “as usual.”
Related: Major Airline Hikes Checked Baggage Fees up to $9 Higher Amid Rising Fuel Costs
If you have a Spirit ticket, act today. The airline is still operating as of Friday and accepting bookings, but that could change at any moment.
First, download your boarding pass and save your confirmation number somewhere offline. Airline websites often disappear during shutdowns, and you'll need documentation for credit card disputes or bankruptcy claims. Start researching alternative flights immediately. Summer fares are already sky high across the industry due to fuel costs, and waiting means paying even more.If you paid by credit card, that'll be your best bet to getting your money back. Call your card issuer and ask what they can do if the airline shuts down and flights are cancelled. Some credit card benefits include protection for airline failures, though many policies specifically exclude insolvencies, so be sure to ask. Travel insurance often also won’t cover airline bankruptcies, so review your specific policy immediately.If you're already stranded somewhere, contact other airlines directly. Historically, some carriers have offered discounted rescue fares during shutdowns, though there's no guarantee—especially given the entire industry's struggle with fuel costs.As a last resort, you can file a claim in bankruptcy court, but don't count on it. Passengers typically rank near the bottom of creditor priorities, and reimbursements are slow and limited.Related: Your Credit Card Points Are About to Lose Value on This Popular Airline
The Bigger Picture
Spirit's collapse would hit hardest at smaller airports where they fly out of most often and would affect all travelers. Losing Spirit's ultra-low fares means higher ticket prices across the board as fellow airlines start raising their basic economy prices.
The airline's over 10,000 employees face sudden job losses amid a hiring slowdown.
For now, stay updated. Check your email and the Spirit Airlines app obsessively. Decisions could come within days.
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