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Spirit Airlines said Monday it has filed for Chapter 11 bankruptcy protection after having struggled with losses, growing debt and a failed merger<\/a> during the post-pandemic travel lull.<\/p>\n The company said in a stock market statement that it had secured a prearranged deal with bondholders that includes $300 million in financing to keep it afloat, with the business planning to end its bankruptcy in the first quarter of 2025.<\/p>\n Ticket sales and all other operations will continue as normal, the company said in the statement just 10 days before record numbers of travelers are expected<\/a> to take to the skies over Thanksgiving.<\/p>\n \u201cI am pleased we have reached an agreement with a supermajority of both our loyalty and convertible bondholders on a comprehensive recapitalization of the Company, which is a strong vote of confidence in Spirit and our long-term plan,\u201d Spirit CEO and President Ted Christie said in a statement. <\/p>\n He said in a letter to customers, \u201cThe most important thing to know is that you can continue to book and fly now and in the future.” <\/p>\n Spirit, based in Dania Beach, Florida, had already deferred $1.1 billion in debt payments until next year. It was last profitable in 2019.<\/p>\n The deal comes with a commitment of $350 million in equity investment from bondholders, which it said equates to $795 million of outstanding debt.<\/p>\n The company’s share price fell from $3.22 to $1.15 last week after The Wall Street Journal reported<\/a> it was preparing to file for bankruptcy protection, closing at $1.07 on Friday.<\/p>\n The company has had a tumultuous few years, with an engine recall last year and a U.S. district judge blocking a proposed $3.8 billion merger with JetBlue in January<\/a>. Spirit said last month it would cut jobs and sell 23 older planes in a bid to save $80 million.<\/p>\n