Spirit Airlines Seeks to Start Orderly Wind-Down to Sell Assets

Spirit Aviation Holdings Inc. is set to start an orderly wind-down process to sell its assets, capping the downfall of the low-cost carrier that has filed for bankruptcy twice in recent years and failed to clinch a last-minute US government rescue.

The airline filed a motion on Monday requesting to wind down operations, after ceasing all passenger flight operations early Saturday. It is also seeking to modify a bankruptcy loan to have the necessary funding to proceed with the sale of its assets, which include aircrafts and spare engines and parts.

The airline had planned to exit bankruptcy by ...