Reported 11 days ago
Spirit Airlines' stock plummeted 59% as reports emerged that the budget airline is preparing to file for bankruptcy after failed merger negotiations with Frontier. The company is in discussions with creditors regarding debt restructuring, and if successful, it could lead to the cancellation of existing equity. Facing over 90% stock decline this year, Spirit also announced delays in financial reporting due to restructuring efforts and plans to cut costs by furloughing pilots and selling older aircraft.
Source: YAHOO