What does Spirit Airlines' bankruptcy mean for you?

Spirit Airlines, the airline of choice for many budget travelers, filed for bankruptcy protection Monday, raising questions about the viability of no-frills airlines in the post-pandemic era, as consumer preferences shift toward more premium offerings. 

Customers with plans to fly on the airline over Thanksgiving and beyond are also concerned about what the filing means for their upcoming trips, as well as airfares generally. 

Spirit has entered into a restructuring agreement with its bondholders in order to reduce the airline's debt and provide it with increased financial flexibility, Spirit said in an open letter to customers Monday. The longterm aim, Spirit said, is to provide its guests "with enhanced travel experiences and greater value."