Spirit Airlines begins ‘wind-down’, cancels all flights over fuel crisis

Low-cost carrier Spirit Airlines announced the cancellation of all its flights as it began an 'orderly wind-down of operations' following the failure of a proposed White House bailout. The spike in fuel prices due to the Iran war severely impacted the airline's financial situation, leading to thousands of job losses. Despite a deal with its lenders to emerge from its second bankruptcy, the cost projections were upended, making it impossible to continue operations.