Thinking about booking a spirit flight about 7 months from now and was wondering what the chances of spirit chapter 7 are by then. Also, if they liquidate will I essentially lose the money I spent on the ticket? Curious if anyone has insight
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Based on the most helpful WSO content, Spirit Airlines has faced significant challenges in the past, including failed merger attempts and financial struggles. However, there is no explicit mention in the context of Spirit Airlines being on the brink of Chapter 7 bankruptcy or liquidation at this time.
If Spirit were to liquidate under Chapter 7, it is likely that customers holding tickets would lose the money spent, as ticket holders are considered unsecured creditors and are typically last in line to recover funds during liquidation proceedings. To mitigate this risk, you might consider purchasing travel insurance that covers airline bankruptcy or using a credit card that offers chargeback protection in such scenarios.
For now, Spirit Airlines is still operational, but if you're concerned about their financial stability, you might want to explore alternative airlines or ensure you have protections in place for your booking.
Sources: U.S. government mandates PJT, Moelis, PWP for $78bn airline restructuring, Good For The Economy | The Daily Peel | 4/6/22, "F*ck Your Puts" No Longer Valid | The Daily Peel | 4/7/22, U.S. government mandates PJT, Moelis, PWP for $78bn airline restructuring, The WORST Business to Invest in? Is it airlines..
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