Spirit Airlines prepares to cease operations amid financial struggles and high oil prices

Company had struggled to increase post-pandemic demand before war in Iran pushed up jet fuel costs

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Spirit Airlines is preparing to cease operations after the beleaguered company ran out of cash and a rescue attempt by the Trump administration appeared to stall.

The company struggled to make a deal with its creditors and secure funding to maintain operations, according to a Wall Street Journal report citing people familiar with the matter.