Spirit Airlines filed for bankruptcy on Friday for the second time in under a year, The Wall Street Journal reported.

Why It Matters

Spirit has long been grappling with declining demand and related financial strains, which contributed to the struggling airline filing for bankruptcy in November.

While it emerged from the Chapter 11 process in March, Spirit said in a U.S. Securities and Exchange Commission (SEC) filing earlier this month that profitability struggles and weak demand had raised "substantial doubt as to the company's ability to continue as a going concern within 12 months."

What To Know

According to The Journal , Spirit is looking to shed some of its planes and lower its costs while facing financial headwinds.

"The right thing to do is to get on with a proper restru

See Full Page