All articles tagged with #bankruptcy
Spirit Airlines is auctioning its 22 LaGuardia Airport slots in a bankruptcy sale; the winning bid will be approved by a court, and the slots—determining capacity and how often planes can fly there—could enable roughly 12 more daily flights once allocated, with carriers like American, Frontier, JetBlue, Southwest, and Porter eyeing the assets while Terminal A is redeveloped by the Port Authority.
Clover Food Lab, a 17-year-old vegetarian fast-casual chain with 11 Greater Boston locations, will close all outlets and lay off about 170 employees, citing pandemic hangover effects and rising costs as key pressures. The company had filed Chapter 11 in 2023, exited bankruptcy in 2024 with expansion plans that ultimately didn’t materialize, and had previously closed other locations as part of its restructuring.
Texas-based Lena Brands LLC, parent of Shari’s Cafe & Pies and Coco’s Bakery, filed for Chapter 11 bankruptcy on May 15, 2026, more than a year after shuttering all Oregon Shari’s locations due to a debt with the Oregon Lottery of over $900,000. The bankruptcy filing lists between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Shari’s retains nine locations in Washington, California and Idaho, and last year Elmer’s Restaurants announced plans to take over some former Shari’s sites.
Ken and Stacy Mattson must vacate their 50-acre Castle Road estate by June 15 as the LeFever Mattson bankruptcy estate takes control and begins liquidating assets; the eviction coincides with Ken Mattson's federal indictment for wire fraud and related charges, with prosecutors expecting him to plead guilty to a single count of fraud and face up to 12 years in prison. The property is valued around $6.85 million, and the ongoing liquidation aims to compensate investors, with interim distributions anticipated by late summer.
LIV Golf is launching a roadshow to raise $250–$350 million from investors to recapitalize and pursue profitability after the PIF ends funding after 2026, with Ducera Partners guiding the effort and a new independent board in place; plans include expanded team-based events and potential bankruptcy steps as part of the restructuring.
LIV Golf is reportedly laying groundwork for a potential U.S. bankruptcy filing as a last resort if it cannot raise new funds after Saudi Arabia's Public Investment Fund ends funding at the close of the 2026 season; the league is seeking options, including new investors, while the fate of its star players and the league’s future remains uncertain as the season concludes in August.
LIV Golf is reportedly preparing to file for Chapter 11 bankruptcy in the United States if it cannot secure new funding after Saudi Arabia’s Public Investment Fund ends its support post-2026; the tour is weighing a relocation of its headquarters to the U.S. to exploit more favorable bankruptcy laws while it seeks alternative investors, following billions invested by the PIF to lure top players.
Spirit Airlines’ sudden bankruptcy left its fleet scattered. Nomadic Aviation Group retrieved the jets, racing to assemble crews—six hours to find 20 pilots—for ferry flights, then conducted airworthiness checks, refueling, and flight planning before moving the planes to two dry desert storage sites near Phoenix and Tucson to await leasing or scrapping decisions amid engine shortages.
Spirit Airlines abruptly ceased operations after two bankruptcies and soaring fuel costs, leaving 17,000 workers unemployed and 91 of its 114 aircraft grounded across 26 airports. The planes are being ferried to desert storage facilities as creditors decide whether they’ll be sold, returned to owners, or repurposed for other operators, with Nomadic Aviation Group handling many of the ferry flights. While some planes may re-enter service under new branding, the high fuel prices and airline backlogs complicate quick dispositions and reshaping of Spirit’s fleet.
A viral crowdfunding effort led by a 22-year-old plans to buy Spirit Airlines out of bankruptcy with hundreds of millions pledged, but experts warn that airline financing and regulatory hurdles, complex labor contracts, and large debt make a real revival unlikely, even as the campaign gains attention and gains some labor backing.
Spirit Airlines’ bankruptcy shuttered operations at Arnold Palmer Regional Airport in Latrobe, PA, leaving the rural hub without any flights. The airport’s new executive director, Moe Haas, must scramble to secure a replacement carrier and may have to lay off longtime staff as he pursues new airline deals to revive service.
A Spirit Airlines pilot tearfully informed passengers mid-flight that the budget carrier was shutting down after a failed $500 million bailout, marking Spirit’s final landings; the shutdown puts about 17,000 jobs at risk and leads to hundreds of cancellations (277 flights), with rival carriers offering refunds and rebooking options as the industry absorbs the collapse and political talk swirls around the JetBlue merger.
Spirit Airlines has announced it will go out of business after multiple bankruptcies, refunding fares and pushing travelers to rebook. The collapse removes one of the few ultralow-cost options, likely driving up fares (15-20% on many routes) as fuel costs rise and competition tightens. Other carriers are offering temporary caps on Spirit routes and discounts on overlapping services; planes will be sold or returned to lessors, and workers will seek jobs elsewhere, though some may find new positions within the industry.
Spirit Airlines collapsed after years of losses, rising costs, and a fuel-price surge tied to the Iran conflict, failing to secure a government bailout and running out of runway. The shutdown wiped out about 17,000 jobs, with remaining workers winding down operations as leased planes are returned, owned jets sold, and gates repurposed for other carriers amid broader industry consolidation.
Spirit Airlines abruptly shut down after years of mismanagement, with Chapter 11 bankruptcy filings in 2024 and 2025, mass layoffs of about 14,000 employees, and chronically poor customer satisfaction — all culminating in a sudden winding-down announcement and the end of the ultra-low-cost model that once influenced the industry.