The South Florida-based ultra-low-cost carrier said the move is part of a broad restructuring plan designed to stabilize its finances and position the airline for long-term viability. In a statement, Spirit said the filing would give the company "the tools and flexibility needed to implement the broad changes necessary to transition the Company for a sustainable future."

Spirit emphasized that flights will continue to operate as scheduled and that customers can still book tickets and use credits or loyalty points while the restructuring is underway.

Dave Davis, Spirit's President and CEO, said the decision followed extensive talks with creditors, lessors, and other stakeholders. "After thoroughly evaluating our options and considering recent events and the market pressures facing our industry, our Board of Directors decided that a court-supervised process is the best path forward," Davis said.

As part of the restructuring, Spirit plans to redesign its route network with greater emphasis on core markets, adjust fleet size, and seek deeper cost efficiencies.

The bankruptcy filing is expected to lead to the delisting of Spirit's stock from the NYSE American exchange. Shares will continue trading over the counter during proceedings, though the airline cautioned that stockholders are likely to see their shares cancelled and rendered worthless once the restructuring is complete.