Spirit Airlines has initiated an immediate wind-down of operations and cancelled all flights, as announced in the early hours of Saturday, impacting approximately 17,000 employees and marking the carrier's second bankruptcy in under two years. The move follows soaring jet fuel prices linked to the war in Iran, with a potential White House bailout falling through. Passengers are advised not to visit airports, with refunds available for credit/debit bookings and further details at SpiritRestructuring.com.