Spirit Airlines stock plunges 59% as company reportedly preps bankruptcy filing

Published On Nov 13, 2024, 4:03 PM

Spirit Airlines' stock fell 59% as it prepares to file for bankruptcy following failed merger talks with Frontier Airlines. The airline is negotiating with creditors to restructure its debt amid ongoing financial difficulties. The collapse of merger discussions has heightened concerns about the company's viability, with analysts predicting a significant contraction post-restructuring. Spirit’s stock price has plummeted over 90% this year, and the airline admits potential cancellation of its existing equity if no agreement is reached with creditors. The airline also announced it will not publish its quarterly results as it focuses on these restructuring discussions.