Spirit Airlines told a US bankruptcy court that "recent geopolitical events" triggered a massive jump in fuel prices, forcing the low-cost carrier to ground its fleet permanently during the weekend.

Spirit Aviation Holding said it had exhausted every option before seeking emergency permission to wind down operations and liquidate its remaining owned aircraft.

"The Debtors and their advisors searched for increased capital and any sources of savings or liquidity, leaving no option unexplored," the airline said in a motion filed Monday with the United States Bankruptcy Court for the Southern District of New York. "It became clear on Thursday that sufficient incremental liquidity would not be found."

Spirit is requesting authorization to sell its planes, spare engines and parts. The airline also asked permission to abandon any equipment that cannot be sold economically.

"In particular, Spirit is hereby requesting authorization to abandon the aircraft that it owns and are not already subject to a purchase agreement," according to court papers.

Low-cost US carrier halted all operations on Saturday, after years of financial strain and failed bailout talks.

The collapse of the South Florida-based airline follows surging jet fuel costs linked to the Iran war, intensifying competition from legacy carriers adopting similar low-fare models, and a blocked 2023 acquisition by JetBlue after a Justice Department challenge.

Despite two bankruptcy filings since 2024, the company failed to regain a cost advantage.

Talks with the White House about a $500 million bailout collapsed amid internal disagreements. On Friday, US President Donald Trump said, “If we can help them, we will. But we have to come first. We're first.” (AA)