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Spirit Airlines reportedly set for bankruptcy filing
It looks more likely struggling Spirit Airlines will enter bankruptcy protection.
It comes as a planned deal with Frontier Airlines has broken down.
This saw Spirit’s stock price plunge a massive 60%.
The Wall Street Journal reported Spirit Airlines is now in advanced talks over a bankruptcy filing.
A planned merger with JetBlue and Spirit Airlines worth about $3.8 billion was blocked earlier this year.
Although Spirit was given time to renegotiate debt repayments with bondholders, its best option may be to file for Chapter 11 bankruptcy protections
The WSJ says a filing may happen within a few weeks.
The airline has already cut pilot jobs and agreed to sell off some jets to cut expenses.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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