New Delhi, May 4 -- Spirit Airlines, an impish upstart that shook the industry with its irreverent ads and deep discount fares, announced Saturday 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 canceled and customer service is no longer available. Some passengers arrived Saturday for flights and w...