The year 2024 witnessed a severe economic downturn, culminating in the filing for bankruptcy of a plethora of top-notch companies. Here’s a sneak peek at some of the prominent ones.
1. Spirit Airlines
Spirit Airlines, the largest US budget carrier filed a Chapter 11 bankruptcy (a legal process that allows a business to reorganise its debts and assets while remaining in operation) petition in November this year after facing mounting losses and insurmountable debt in the post-pandemic travel landscape. The airline lost over $2.5 billion since 2020 and faces impending debt payments of over $1 billion in 2025-2026.
2. Red Lobster
The world’s largest seafood chain, Red Lobster, filed for bankruptcy in May, counting over $1 billion in debt and…
