In this article

SAVE

Follow your favorite stocks CREATE FREE ACCOUNT

Spirit Airlines plans to shrink its fleet by nearly 100 aircraft and exit more than a dozen U.S. markets as part of a sweeping bankruptcy restructuring process, CFO Fred Cromer said on Friday during a virtual meeting with creditors.

Spirit Airlines filed for Chapter 11 bankruptcy protection after a prolonged period of financial strain. The low-cost carrier, which Cromer said currently operates 214 aircraft, is using bankruptcy tools to eliminate unprofitable routes and reduce its network footprint. The strategy is expected to save the company "hundreds of millions of dollars" in costs, Cromer said, allowing it to "support a much smaller and stronger Spirit Airlines."

Spirit said in a statement that it filed a motio

See Full Page