Spirit Airlines plans to shrink its fleet by nearly 100 aircraft and exit different U.S. markets as part of a sweeping restructuring under Chapter 11, CFO Scott Cramer said.
The low-cost carrier, which he said currently operates 214 aircraft, is using bankruptcy tools to eliminate unprofitable routes and reduce its network footprint.
The strategy is expected to save the company “hundreds of millions of dollars” in costs, he added.