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Home Business & Finance

Bankrupt airline banks on affordable luxury to exit slump todayheadline

January 10, 2025
in Business & Finance
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Traveling has become more expensive than ever, with airlines increasing their fares to unattainable prices while removing free checked-in bags, among other perks.

Since its inception, Spirit Airlines has been known for being one of the most affordable airlines. It offers multiple flights nationwide at very low prices compared to the rest.

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Although Spirit Airlines allows people to reach their desired travel destinations without going over budget, comfort, legroom, and complimentary beverages and snacks are some of the perks its clients must be willing to sacrifice if they want to fly for cheap.

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However, being known as one of the most affordable airlines has downsides, as it depends on traveler frequency to be profitable.  

Four Spirit Airlines airplanes are lined up.

Shutterstock

Spirit Airlines faces financial struggles, a failed merger, bankruptcy

Spirit Airlines (SAVE)  and JetBlue Airways (JBLU)  struck a merger agreement in July 2022 calling for JetBlue Airways to acquire Spirit Airlines for $3.8 billion as the company had been struggling financially for some time. 

However, in January 2024, the U.S. District Court for the District of Massachusetts blocked the transaction because it posed antitrust issues, as the merger would effectively banish one of the lowest-priced airlines, increasing flight prices and providing fewer options for customers. Two months later, JetBlue Airways announced the mutual termination of the merger agreement.

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In November, Spirit Airlines filed for Chapter 11 bankruptcy after multiple years of struggling to make ends meet and proposed a restructuring deal to pay off its debt.

While the company puts its turnaround plan into action, which it expects to complete by the first quarter of 2025, bondholders agreed to provide $300 million in financing and $350 million in equity investment, converting $795 million outstanding debt into stock.

Spirit Airlines launches its first national campaign since filing for bankruptcy

Spirit Airlines refuses to let its financial struggles banish the company and is doing everything possible to emerge from this crisis. To get business back on track, Spirit Airlines has just given its budget-friendly brand a complete makeover in a last desperate effort.

Spirit Airlines launched its first national campaign after its recent bankruptcy filing, and affordable luxury seems to be the theme it will use to entice a wider range of clients to fly more and purchase their airplane tickets with the airline while saving money. 

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“More Fly” is Spirit Airlines’ “newly transformed guest experience,” which provides its clients with more deals and offers than before to make their trips more comfortable without going over budget. 

As part of the new offerings, the airline now has more tiers, including Go Big and Go Comfy, with perks such as blocked middle seats or bigger seats, priority boarding, and no change or cancellation fees, to name a few. 

Netizens react to Spirit Airlines’ new creative campaign on social media

To promote its blocked middle seat offer, Spirit Airlines scouted “Malcolm in the Middle” actor Frankie Muniz to feature in a creative campaign using the #NotInTheMiddle. 

As soon as the commercial was released, Spirit Airlines fans and fans of the popular TV show couldn’t help but express their opinions on social media.

View the original article to see embedded media.

Multiple Instagram users praised Spirit Airlines for its latest campaign, with comments such as, “Brilliant marketing,” “Best commercial ever,” and “I love this ad!”

These new upgrades and offers already seem to be working. One user commented, “Those comfy chairs definitely make it a better trip, the bidding option came in handy as well on my last flight.”

Another user even suggested taking Spirit Airlines international, commenting, “Can’t wait to flight with you! Please flight to Istanbul.”

To which Spirit Airlines expressed its excitement by replying, “You’ve got your eye in an exciting new destination! Spread the word, and if there’s enough interest, we could be heading there before you know it.” 

This could allude to a potential expansion in the airline’s flight schedule if it successfully emerges from bankruptcy, providing a glimmer of hope for the airline to survive the tough times. 

Related: Veteran fund manager issues dire S&P 500 warning for 2025

Tags: affordableairlinebankruptbanksExitLuxurySlumptodayheadline
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