Two major operators entered bankruptcy proceedings, with signs of distress visible years before each failure.
Spirit Airlines filed for bankruptcy in November 2024. The carrier shut down in May 2026. Insurers considered the airline's financial situation foreseeable two years prior to that shutdown.
iHeartMedia filed for bankruptcy in 2018. The company emerged from the process largely owned by creditors. It had faced challenges with its debt load for years before the filing.
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