Spirit Airlines ceased operations on May 1st after 34 years, affecting approximately 60,000 passengers daily and resulting in 15,000 job losses. The closure was triggered by accumulated debt, jet fuel price increases (doubling in two months due to Middle East tensions), failed merger attempts, and creditor rejection of a $500 million government bailout. The incident reflects a broader wave of low-cost airline bankruptcies between 2023-2025 globally, with Colombia particularly affected through the loss of Viva Air and Spirit operations.