Spirit Airlines Was Once One of the Most Profitable Carriers. Now, Its Future Is in Doubt

Just months after emerging from Chapter 11 bankruptcy, Spirit Airlines’ future is in doubt.

The ultra-low-cost carrier released a “going concern” notice on August 11 that said it may not be able to survive within the next 12 months unless it gets more cash. Now, the beleaguered airline is exploring another restructuring, according to The Wall Street Journal.

The current state of Spirit is a stark contrast to that of the 2010s, when the carrier was one of the most profitable airlines due to its bare bones service.

What Went Wrong With Spirit's Chapter 11 Bankruptcy?

Last year, Spirit filed for Chapter 11 bankruptcy to restructure nearly $1.1 billion in debt. As part of the deal, bondholders agreed to swap $795 million of debt into stock. Bondholders also agreed to purchase an additional $350 million in stock and Spirit received $300 million in “debtor-in-possession” financing.

However, when a U.S. bankruptc