Spirit is in dire financial straits, and experts believe its collapse could trigger shifts across the low-cost airline sector.

Spirit Airlines has issued a warning that it may not be in business in the next year despite recent restructuring and efforts to boost revenue. The Broward-based company disclosed the issues in a financial statement submitted to the U.S. Securities and Exchange Commission, highlighting the airline's financial challenges.

SAVANNAH, Ga. (WSAV) — Spirit Airlines flew its inaugural flight from the Savannah/Hilton Head International Airport to Newark, New Jersey Thursday. The budget airline announced the daily, non-stop flight to and from New Jersey earlier this year.