Spirit Airlines has filed for bankruptcy protection and will attempt to reboot as it struggles to recover from the pandemic-caused swoon in travel, stiffer competition from bigger carriers, and a failed attempt to sell the airline to JetBlue. From a report: Spirit, the biggest U.S. budget airline, filed a Chapter 11 bankruptcy petition after working out terms with bondholders.

The airline has lost more than $2.5 billion since the start of 2020 and faces looming debt payments totaling more than $1 billion in 2025 and 2026. The airline said it expects to continue operating normally during the bankruptcy process.

Spirit told customers Monday they can book flights and use frequent-flyer points as they ordinarily would, and said employees and vendors would continue getting paid.

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