Spirit Aviation Holdings, Inc., the parent company of Spirit Airlines, has filed voluntary petitions for Chapter 11 bankruptcy this week after months of unprofitability, with plans for a major restructuring.?

This is the second time the airline has announced Chapter 11 bankruptcy, which it emerged from just this past March with a new budget and reorganization plan. It was the first U.S.-based airline to declare bankruptcy since 2011.?

Earlier this summer, it announced plans to lay off 270 of its pilots and to demote 140 others to save money, stoking worries about whether the airline will go out of business entirely.?

The airline published an open letter to customers, which reads: ¡°Today, Spirit took a proactive step to build a stronger foundation and future for our company. We have voluntarily entered the Chapter 11 restructuring process to ensure the long-term success of our airline. Chapter 11 is a court-supervised legal process that allows companies to restructure their businesses while continuing operations. Virtually every major U.S. airline has used these tools to improve their businesses and position them for long-term success.¡±

It also noted that normal day-to-day operations will continue throughout the bankruptcy process, including flights, earning and redeeming rewards travel and more. Wages and benefits will also be honored, including for contractors.?

Throughout the restructuring, Spirit¡¯s goals include a redesign of its network, with a reduced route map to unprofitable markets; optimizing its fleet size to save money; structure its cost model in a more efficient way; and expand its premium options while also providing affordable flights.

"As we move forward, Guests can continue to rely on Spirit to provide high-value travel options and connect them with the people and places that matter most," said Dave Davis, President and CEO of Spirit Airlines. "On behalf of our Board and leadership, I want to thank our Team Members for their continued dedication, resilience and commitment to delivering a safe, reliable operation and excellent service to our Guests."

Spirit will be delisted from the NYSE American Stock Exchange within the next few weeks to months. Common stock will continue to be traded.?

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