According to a recent Wall Street Journal report, Spirit Airlines is exploring a potential bankruptcy filing, which has resulted in shares plummeting nearly 40% in premarket trading.
Spirit Airlines has struggled financially for years, unable to post annual profits since before the COVID-19 pandemic, leading to significant debt accumulation and recent stock plummeting.
The failure of Spirit Airlines’ proposed acquisition by JetBlue in January further exacerbated its precarious financial position, as this would have alleviated its substantial debts.
Currently, Spirit Airlines faces an urgent financial situation with a $3.3 billion debt load that includes over $1.1 billion in secured bonds maturing within the next year.
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