The US-carrier Spirit Airlines, known for its budget-friendly fares has announced that it has gone out of business after 34 years. The ultralow-cost airline that once operated hundreds of daily flights on its bright yellow planes and employed about 17,000 people said it had started an orderly wind-down of our operations, effective immediately.

Although Spirit had gone bankrupt twice before, the company said high oil prices, which have been rising because of the war with Iran, made it impossible to stay aloft. The airline said on its website that all flights have been cancelled and customer service is no longer available. US Transportation Secretary Sean Duffy said that Spirit had a reserve fund set up for customers who bought directly from the airline to get refunds. People who bought from third-party vendors like travel agents would have to seek refunds from them.