Spirit Airlines begins wind-down; all flights cancelled, expects complete equity loss

Spirit Aviation Holdings, Inc.

All Spirit flights cancelled effective immediately May 2, 2026; guests told not to go to airport.
CEO cites sudden sustained rise in fuel prices as final trigger; company needed hundreds of millions in additional liquidity.
Refunds for card purchases auto-processed; other forms (vouchers, points) handled via bankruptcy process.
March 2026 bondholder restructuring agreement undone by fuel spike; no alternative funding found.
Thanks Administration (Commerce Sec. Lutnick), DOT, labor unions, and financial stakeholders (Citadel, Cyrus Capital, Ares).

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