Reported 11 days ago
Spirit Airlines is nearing an agreement with creditors for a restructuring plan in bankruptcy court after failed merger talks with Frontier Airlines. The proposed deal could nullify the existing equity of Spirit's shareholders. Following this news, Spirit's stock plummeted by 65%, the largest drop on record. The airline has long struggled with its debt situation, intensified after a blocked takeover by JetBlue. The restructuring aims to avoid impacting general unsecured creditors and aims to resolve financial burdens quickly.
Source: YAHOO