(NewsNation) — Spirit Airlines has filed for bankruptcy, but its CEO remains optimistic about its present and future.

It is the second time in a year that the budget airline has filed for bankruptcy amid financial losses.

Spirit, known for its bright yellow planes and no-frills service, has had a rough ride since the COVID-19 pandemic, struggling to rebound amid rising operation costs and its mounting debt.

By the time of its first Chapter 11 filing in November, Spirit had lost more than $2.5 billion since the start of 2020.

The airline now carries $2.4 billion in long-term debt, most due in 2030, and reported a negative free cash flow of $1 billion at the end of the second quarter.

Spirit taking a 'proactive step': CEO

CEO Dave Davis issued a statement suggesting the move will help

See Full Page