Another low budget airline has filed for bankruptcy, following in the footsteps of the beleaguered Spirit Airlines which shut down operations earlier this month.Magnicharters, a low-cost Mexican carrier, filed for bankruptcy protection earlier this week in the First District Court in Mexico City, according to The Street.It came after it suspended all flights last month, though it claimed that would be the case only for two weeks. The airline initially blamed “operational problems” for the cancellations but later had its Air Operator Certificate temporarily suspended due to not being able to cover major costs such as technical support, maintenance, spare parts and staff training.As of Friday Magnicharters is yet to release a public statement, although its website did not list flights and directed customers to a help line for inquiries instead.Another low budget airline has filed for bankruptcy, following in the footsteps of the beleaguered Spirit Airlines which shut down operations earlier this month (AFP/Getty)The Independent has attempted to contact Magnicharters for comment about the reports of its bankruptcy filing.Earlier this month Spirit Airlines cancelled all remaining flights after being unable to pull itself out of bankruptcy. The Florida-based carrier had filed for Chapter 11 protection twice before.Both airlines have been casualties of the prices of jet-fuel which, along with other petroleum products such as gas and diesel, have skyrocketed as a result of the war in Iran – impacting airlines all over the world.Spirit, once worth as much as $5.5 billion on the stock market, and known for its bright yellow planes, shut down operations fully on May 2, with the final flight having departed from Detroit to Dallas.Earlier this month Spirit Airlines cancelled all remaining flights after being unable to pull itself out of bankruptcy. The Florida-based carrier had filed for Chapter 11 protection twice before (Getty)“For more than 30 years, Spirit Airlines has played a pioneering role in making travel more accessible and bringing people together while driving affordability across the industry,” CEO Dave Davis said in a statement.The announcement came after two bankruptcy filings in as many years that allowed Spirit to repay lenders. That was followed by a final, mad-dash scramble to save money by cutting routes, squeezing concessions from unions and pursuing a potential financing deal with the Trump administration that could have provided a lifeline had it panned out.“This is tremendously disappointing and not the outcome any of us wanted," Davis said.Elsewhere the head of the International Air Transport Association has warned travelers to brace for higher air fares as airlines can no longer absorb the escalating costs stemming from disruptions in the Strait of Hormuz.