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Spirit Airlines has filed for Chapter 11 bankruptcy protection following significant financial struggles due to mounting losses and debt maturities, the airline announced Monday. Spirit Airlines President and CEO Ted Christie said the airline has entered into an agreement with its bondholders that is expected to reduce the company's total debt and provide increased financial flexibility.
Thanksgiving is often a popular time for travel and, according to newly-released projections from AAA, this year is poised to be another busy holiday period.
Some 79.9 million people will make trips at least 50 miles from where they live in the six-day span from Nov. 26, the Tuesday before Thanksgiving, and Dec. 2, the Monday following the holiday, AAA said on Monday.
Of those expected travelers, 71.7 million will drive, 5.84 million will catch flights, and 2.3 million will use transportation like cruises, buses and trains, according to the organization.
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AAA noted it used a timeframe with two more days for its 2024 projection.
That figure will represent "an increase of 1.7 million people compared to last year and 2 million more than 2019," it said.
In 2023, about 78.18 million people were forecast to travel around Thanksgiving, according to AAA, and 77.78 million were expected for 2019.
Heavy traffic moves along Interstate 295 on Wednesday morning November 22, 2023 in Washington, DC (Photo by Drew Angerer/Getty Images)
The predicted 71.1 million driving and 5.84 million flying this year would Thanksgiving holiday period records, AAA said.
Last year, some 12 million flyers went through security checkpoints between Nov. 22 and 26, according to TSA data.
AAA also noted that demand for cruises helped drive the nearly 9% year-over-year jump for forecasted Thanksgiving travel via methods other than cars and planes.
"Thanksgiving is the busiest holiday for travel, and this year we’re expecting to set new records across the board, from driving to flying and cruising," said Stacey Barber, AAA travel vice president.
Drivers can expect to see roads most jam-packed on the Tuesday and Wednesday afternoons before Thanksgiving, AAA reported, citing INRIX data.
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Filling up the gas tank may not hurt drivers’ wallets as much around Thanksgiving this year, something that would come as a relief to many, the organization said.
The average cost of a gallon of gas could be under $3, AAA forecasted. Across the U.S., a gallon of regular gas was $3.071 as of Monday afternoon.
AAA’s projections for holiday travel come as many are making plans for their rapidly approaching Thanksgiving meal.
A Thanksgiving meal for 10 people using name-brand ingredients will have a $90 price tag this year, according to a recent report from Wells Fargo. With solely private-label items, it found the same festive feast could be $17 cheaper.
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Thanksgiving weekend is also poised to be a busy shopping time, with the National Retail Federation (NRF) reporting some 183.4 million people are looking to do so either online or at a physical store between Thanksgiving Day and Cyber Monday.
A whopping 131.7 million Americans have plans to shop on Black Friday, according to the NRF.
Read more of this story from FOX Business.