Spirit Airlines has filed for Chapter 11 bankruptcy protection, marking the collapse of one of the United States' largest ultra-low-cost carriers. The filing has initiated a complex process involving asset recovery specialists working to reclaim dozens of aircraft leased to the airline.

The bankruptcy comes after a failed merger attempt with JetBlue Airways that was blocked by federal regulators on antitrust grounds. The proposed merger had faced opposition from the Department of Justice, which argued the combination would reduce competition in the budget airline sector.

Asset recovery firms, often referred to as "repo men" in the aviation industry, are now working to collect Spirit's fleet and transport aircraft to storage facilities, including boneyards in Arizona where planes are typically parked during periods of non-use. This process involves coordinating with airports, maintenance crews, and storage facilities to secure and relocate the aircraft.

The airline's bankruptcy affects approximately 17,000 employees across its operations. Spirit had been struggling with financial difficulties prior to the failed merger, facing challenges including increased operational costs and competitive pressure in the low-cost carrier market.

The collapse of Spirit Airlines removes a significant budget option from the domestic aviation market. The airline had been known for its no-frills service model, offering basic transportation at lower prices compared to traditional carriers by charging separately for amenities like seat selection and carry-on bags.