Spirit Airlines has filed for Chapter 11 bankruptcy protection, the company announced Monday morning.
Spirit Airlines filed for Chapter 11 bankruptcy protection. The budget-travel icon said it will continue to fly.
Spirit Airlines has filed for Chapter 11 bankruptcy protection, it said Monday. The airline will continue to operate as normal, and all tickets remain valid, it added.
Spirit has struggled since its failed acquisition by JetBlue Airways, a Pratt & Whitney engine recall and weaker-than-expected sales. The company has faced mounting losses and has been against a deadline to renegotiate $1.1 billion in debt payments due next year.
Spirit Airlines has filed for bankruptcy protection after the pioneer of no-frills travel in the U.S. struggled with a long run of quarterly losses and significant debt, it disclosed on Monday.
Down 98%, Is It Time to Buy Spirit Airlines Stock?
Fitch Ratings on Friday downgraded the long-term credit rating of Spirit Airlines to 'CC' from 'CCC', bringing it below the low-cost carrier's North America peers and warning that a near-term default appears probable.
Spirit Airlines, Inc. SAVE shares are trading lower Wednesday. Investors are concerned.
Spirit Airlines shares plunged almost 60% following a Wall Street Journal report the low-cost carrier is nearing a bankruptcy filing after a potential merger with Frontier Airlines has fallen through. Per the report, the Florida-based airline is working with creditors to make a bankruptcy plan and a filing could occur within weeks.
Spirit is expected to file for bankruptcy in the coming weeks.
The ultra-low-cost carrier is preparing to file for bankruptcy protection, The Wall Street Journal reports.
Spirit Airlines shares cratered sharply in after-market trading on Tuesday evening, as the company announced it was in talks with creditors to restructure its debts in a deal—shortly after the Wall Street Journal reported the company is preparing to file for bankruptcy protection and its planned merger with rival low-cost carrier Frontier had broken down.