Spirit Airlines shares plunge on bankruptcy speculation
CNN
Spirit Airlines’ shares plunged more than 50% in early trading Wednesday, following a report that it is preparing to file bankruptcy — and the company’s announcement that it won’t report quarterly financial results because it’s scrambling to reach a deal with creditors.
Spirit Airlines’ shares plunged more than 50% in early trading Wednesday, following a report that it is preparing to file bankruptcy — and the company’s announcement that it won’t report quarterly financial results because it’s scrambling to reach a deal with creditors. A Wall Street Journal report Tuesday evening said a bankruptcy filing is expected to happen within weeks, as talks with Frontier Airlines to possibly buy Spirit (SAVE) broke down recently. Neither Spirit nor Frontier would comment on the report. Spirit did, however, say in a Securities and Exchange Commission filing Wednesday that it is in “productive” negotiations with its lenders to restructure its debt, which comes due in 2025 and 2026. Spirit also said any restructuring of its debt would not affect customers, employees or suppliers. Because of those discussions, the company said, Spirit is unable able to complete its third-quarter financial report by the prescribed time. It did say that losses continued to increase in the quarter and revenue fell. Customers may be nervous about booking on Spirit as the future of the company remains in question. In August, Spirit stopped charging passengers cancellations or change fees, saying it was part of an effort to improve customer experience. The Spirit saga began in February 2022, when the airline announced it would be sold for $2.8 billion to Frontier — a similarly ultra-low fare carrier that sells basic tickets for cheap and up-charges for any and all “extras” including carry-on baggage.
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