Spirit Airlines, Philadelphia International Airport’s third largest carrier, has filed for Chapter 11 bankruptcy protection, writes Jenna Martin for the Charlotte Business Journal, as reprinted in the Philadelphia Business Journal.

The airline continues to operate normally as it enters into a restructuring support agreement to reduce debt and provide more financial flexibility/

“Guests can continue to book and fly without interruption and can use all tickets, credits and loyalty points as normal,” the company said in a news release.

Spirit Airlines has also assured PHL that operations there will continue as usual, said Heather Redfern, a spokeswoman for PHL.

Bondholders have committed $350 million in equity investment, Spirit said, and “will complete a deleveraging transaction to equitize $795 million of funded debt.”

Spirit will also receive $300 million in debtor-in-possession financing to help it through the bankruptcy proceedings.

The filing will likely mean Spirit being delisted from the New York Stock Exchange.

Spirit expects to emerge from the Chapter 11 process in the first quarter of 2025.

The airline has a debt load of $3.6 billion, and has been unable to reach merger deals with Frontier Airlines or JetBlue Airways Corp.

Find out more about Spirit’s finances and operations in the Philadelphia Business Journal.