(Bloomberg) -- Spirit Airlines Inc. has filed bankruptcy in the wake of greater competition from rival carriers and financial troubles following its scuttled merger with JetBlue Airways Corp.
The airline filed Chapter 11 in New York listing assets and liabilities of between $1 billion and $10 billion, according to a court document.
Spirit has struggled since a federal judge scuttled that $3.8 billion acquisition by JetBlue, ruling the combination would harm cost-conscious travelers by driving up the price of airline tickets across the industry. The federal government had challenged the tie-up on antitrust grounds.
The airline is also been under increased pressure from larger carriers that have offered travelers more affordable tickets. The company filed for bankruptcy after reaching an agreement on a broad debt restructuring with a majority of its loyalty and convertible bondholders.
--With assistance from Luca Casiraghi and Dayana Mustak.
(Corrects currency from pounds to dollars in second paragraph.)
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