Even the queen New York raccoon will no longer be flying his spirit airlines what shall we ever do! 😂 pic.twitter.com/fac8qsI0ek
— R A W S A L E R T S (@rawsalerts) May 1, 2026
While Spirit was already in bankruptcy, the surge in jet fuel prices to $4.51/gallon (due to the conflict in Iran) made their recovery plan mathematically impossible.
Negotiations for a government-backed rescue failed because bondholders wouldn’t agree to let a federal loan take priority over their existing debt.
https://www.ft.com/content/18ab5a6a-397a-47b5-af06-f8e846b45bf1?syn-25a6b1a6=1
Spirit’s stock ($FLYYQ) plummeted 74% today, hitting as low as $0.40, while competitors like Frontier and JetBlue saw their shares rally on the news.