Name: Spirit Airlines Is Filing for Bankruptcy. Here’s Why.
Uploaded: 2024-11-18T18:48:00Z
Duration: 6 min 25 s
Description: Budget airline Spirit was soaring in 2022 as Frontier and JetBlue engaged in a bidding war to buy out the smaller airline. Now, Spirit is filing for bankruptcy. WSJ’s Alison Sider explains.

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Budget airline Spirit was soaring in 2022 as Frontier and JetBlue engaged in a bidding war to buy out the smaller airline. Now, Spirit is filing for bankruptcy. WSJ’s Alison Sider explains.

https://m.wsj.net/video/20241118/48da1664-0290-43f0-82cc-2d3a15dd661e/5/hls/manifest-hd-wifi.m3u8

Spirit Airlines Is Filing for Bankruptcy. Here’s Why.

Spirit Airlines isn't wasting any time.

Alexandra: Spirit Airlines also wasn't wasting money when it IPOed in 2011. It was the most profitable airline in the US, earning 40% more per plane than any other carrier. In the following years, its stocks soared with flights 30% cheaper than competitors. But after engine troubles, plane delivery delays, and two failed mergers, Spirit Airlines shares have taken a nosedive, and now it's filing for bankruptcy. So what went wrong? $5.00 for a boarding pass, $30 for checked luggage, $3.00 for a water, $1.00 for animal crackers. Spirit Airlines charged for basically everything, allowing it to sell tickets at rock bottom prices. The only complimentary item on the plane, ice.

Spirit bet there were a lot of customers that regular airlines were kind of leaving on the table because they just can't afford the cost of a ticket.

They didn't give us any peanuts or anything, but it's okay.

And even at those low prices, Spirit bet it could make a lot of money.

Alexandra: From 2008 through 2012, Spirit earned $289 million with just 40 planes at most in operation. Only two US airlines earned more in the period, Southwest and Alaska Air, which both had far more planes. And three years after going public, Spirit was the most profitable, fastest growing US airline. Stock prices hit an all time high, but as profits were reaching new heights, cracks in its business were starting to show. In 2011, Spirit was also the airline with the most complaints.

From a customer perspective, like it didn't necessarily have the best reputation, and at the time, their CEO was kind of like.

And no one goes into McDonald's and is surprised they don't see filet mignon on the menu, right.

Alexandra: Even still, Spirit execs said they were optimistic. The company had pioneered a new airline business model in the US, and for the first five years, it had been successful, but other companies had been watching. As soon as fuel prices dipped in 2015, carriers slashed prices on some tickets, cutting into Spirit's customer base. And Delta introduced a new cabin class, Basic Economy, in an effort to compete with Spirit.

People started to get very nervous, like how could Spirit survive? Given the choice between a Basic Economy ticket on American, Delta, or United, or a Spirit ticket, why would you still choose Spirit?

Alexandra: Other airlines followed suit. United, American, JetBlue, and Hawaiian Airlines launched Basic Economy seats. Ticket prices fell across the US, stock prices tumbled. For Spirit, something had to change, so in 2016, the company replaced longtime CEO Ben Baldanza with Industry Vet Robert Fornaro.

The old CEO was kind of really aggressive about touting the ultra low cost discount model, and he was famous for like funny ads and he would get in the overhead bin.

Had we not implemented this, there's no telling what people would try to put in an overhead bin.

Sort of sell the idea that Spirit was gonna charge you for the overhead bin, so I think they wanted to kind of soften their image and go in a new direction.

Alexandra: Fornaro set out to address the growing number of customer complaints, reorienting the company toward customer service by lowering fees and delays. He pulled Spirit out of its free fall, but before the company could rebuild.

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Coming outta the pandemic, people were not really traveling for business in the same way they had before, and the bigger airlines started going after people going on vacation, flying for leisure. And those had always kinda been Spirit's best customers.

Alexandra: So no one was surprised when two years later, Frontier, another budget airline, announced a $2.9 billion cash-and-stock deal to buy Spirit.

The deal was announced, and everything kind of seemed to be going along, and then kind of out of nowhere in April, JetBlue swoops in with its own offer for Spirit.

Alexandra: That offer came in 2022, all cash, $3.6 billion, shares rose 22%.

JetBlue's offer was not solicited, and Spirit was really resistant to it.

Alexandra: Spirit execs said of JetBlue.

Ted: I have wondered whether blocking our deal with Frontier is in fact their goal.

Alexandra: By July, the Frontier deal fell through, and on the 28th, JetBlue agreed to acquire Spirit for $3.8 billion.

I talked to the CEO of Spirit and the CEO of JetBlue right after they ultimately came to their agreement, and CEO of Spirit, Ted Christie, basically said like, "Well, business is business."

Alexandra: Spirit's problems didn't end with the failed merger. It had ordered expensive new planes from Airbus to run more flights, but deliveries were delayed. Then in July 2023, there was a recall for an Airbus engine, Spirit had to ground some of its planes.

Ted: Exposure to this issue is very unique and material for us and is having an impact on our margin.

Alexandra: Spirit was already in debt, so it sold more than two dozen planes and used that money to pay down $465 million, then rented the planes back to keep flights running. Spirit's plan to get out of debt seemed to be working, but on January 16th, a federal judge blocked JetBlue's acquisition of Spirit, citing antitrust issues. That day, shares fell 47%.

Even though Spirit is a really small player, the Justice Department felt that it plays a really important role. It serves people, who maybe wouldn't have access to travel otherwise, who just couldn't afford to travel on another airline.

Alexandra: The airline shifted to examining options for addressing its debt and filed for bankruptcy in November. Spirit said it expects to complete the bankruptcy process in the first quarter of 2025.

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Spirit Airlines Is Filing for Bankruptcy. Here’s Why.

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