Spirit Airlines FIles for Chapter 11 Bankruptcy [Video]

After 40 plus years of continued service, Spirit Airlines filed for bankruptcy protection Monday. Mounting losses, unaffordable debt, increased competition for bargain-seeking airline passengers and the inability to merge with other airlines left the company little choice but to pivot from its initial process.

Since 1980, Spirit airlines have been known for its very low base fares. Its average domestic round-trip economy fare so far this year is $136, not including taxes and fees, according to data from Cirium, an aviation analytics firm. That’s 61% lower than the US industry’s average, and 69% less than the average on the four major US airlines — American, United, Delta and Southwest.

The airline has said that consumers who have any unfulfilled services with the company need not to worry, as the company will continue to operate as normal.

“Guests can continue to book and fly without interruption and can use all tickets, …