Spirit Airlines said Saturday it has begun an immediate wind-down of operations, cancelling all flights and advising passengers not to go to airports.

The company said the move follows failed efforts to restructure the business and secure funding.

The airline operator said a sharp rise in fuel costs and other pressures worsened its financial position, leaving it without enough liquidity to continue.

CEO Dave Davis said the airline had reached a restructuring agreement with bondholders in March 2026, but recent fuel price increases made the plan unworkable and required hundreds of millions of dollars the company could not raise.

Spirit said it will automatically refund tickets paid by credit or debit card.

Customers who booked through agents must request refunds through them, while compensation for vouchers, credits, or loyalty points will be handled later as part of the bankruptcy process, it added.