Spirit Airlines hit record low after report co to file for bankruptcy protection
13/11/2024 14:56
(Updates)
** Shares of U.S. carrier Spirit Airlines SAVE.N slide
58.4% to $1.32, hit record low
** Spirit Airlines is preparing to file for bankruptcy
protection after merger talks with Frontier Airlines broke down,
the Wall Street Journal reported on Tuesday
** Spirit said it is in talks with creditors and continues
to explore strategic alternatives to improve liquidity
** If the agreement fails, it will lead to the cancellation
of existing equity and co will consider all alternatives
** Co said Q3 adj. operating margin would be down 12% from
last year
** Spirit has failed to report a profit in the last five out
of six quarters
** Including session's move, stock down 91.7% YTD
(Reporting by Sukriti Gupta in Bengaluru)
((Sukriti.Gupta@thomsonreuters.com;))