Spirit Airlines is currently focused on restructuring its debt with bondholders, preferring this over announcing quarterly financial results, indicating a management shift toward negotiation.
In early trading, Spirit's stock plummeted 55% to $1.77, showcasing investor reaction to the airline's ongoing financial struggles and possible bankruptcy discussions.
Spirit Airlines has reported a 2% increase in passengers this year, yet they are paying 10% less per mile, highlighting a concerning trend in revenue generation.
The airline, which has lost over $2.5 billion since 2020, faces more than $1 billion in looming debt payments, underlining its dire financial situation.
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