Spirit Airlines is planning to downsize and focus on high-demand travel periods and routes to survive. The airline will emphasize flights from major Florida airports, Fort Lauderdale and Orlando, as well as New York and Detroit. Spirit will cut money-losing flights and enhance premium-class seats, emerging leaner and more competitive.

Spirit Airlines will reduce its Airbus fleet and exit its second bankruptcy in late spring or early summer. The company aims to reduce costs and debt significantly, with creditors supporting the plan. Spirit will increase aircraft utilization on popular routes and peak travel days, expand premium seating, and update its loyalty program.

Spirit Airlines has faced challenges due to competition, labor costs, and a consumer shift toward upscale travel. The airline dealt with an engine recall and a failed acquisition plan by JetBlue Airways. Despite financial struggles, Spirit plays a crucial role in keeping fares low. The company is focused on emerging from bankruptcy stronger and more competitive.

Read more at CNBC: Spirit Airlines to slash flights in bid to emerge from bankruptcy