Spirit Airlines Files for Bankruptcy

U.S. airfares higher as the carrier's low-cost model disappears from the market. A departure board showed canceled Spirit Airlines flights at LaGuardia Airport in Queens, New York, on May 2, 2026.

Launched in 1992, the airline pioneered the "Spirit Effect," using bare-bones service with no free meals, baggage or other extras to open air travel to customers previously priced out. S. Department of Justice argued in 2023 that Spirit played a unique and disruptive role in the industry when it sought to block the carrier's merger with JetBlue.

The bankruptcy comes as airlines worldwide cut 13,000 flights in May 2026, equivalent to 1 percent of global flights, after jet fuel prices more than doubled due to the war in Iran. Data from Cirium showed Munich and Istanbul among the worst-hit destinations.

Jet fuel traded at $831 per tonne in late February 2026, spiked to a high of $1,838 per tonne by early April, and stood around $1,500 per tonne in early May.

U.K. imports about 65 percent of the jet fuel it uses, with a significant portion normally arriving from the Middle East. The closure of the Strait of Hormuz has blocked those supplies. K. K.

Airlines buy fuel in advance and airports maintain stocks to support resilience. K. government introduced temporary rule changes for summer 2026 allowing airlines to cancel flights weeks in advance without losing take-off and landing slots if they face fuel shortages.

Airlines may also merge flights on routes with multiple daily trips to the same destination and group passengers from different bookings onto fewer planes to conserve fuel. The Department for Transport added that if a flight is canceled, passengers have clear legal rights to a full refund or re-routing. Toyota reported a £3bn hit from costs related to the war in Iran.

9bn) increase in materials costs linked to the conflict and lost 270bn yen from lower sales. 38tn yen. 6 million cars in the year to March 2026, half of them hybrids.

Global sales rose 2 percent, driven by 9 percent growth in North America. The company sold 600,000 battery electric cars, more than double the previous year. 4 billion yen.

36 million a year earlier. 2 billion yen. Toyota's operating profit declined for a fourth consecutive year-over-year period in the fourth quarter.

The company lowered its operating income forecast to 3 trillion yen for the financial year ending March 2027. S. dollar and reported research and development expenses at a record high.