Spirit Airlines slumps after report co to file for bankruptcy protection
13/11/2024 09:54
** Shares of U.S. carrier Spirit Airlines SAVE.N slide
62.4% to $1.22 premarket
** 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
** As of last close, stock down 79.8% YTD
(Reporting by Sukriti Gupta in Bengaluru)
((Sukriti.Gupta@thomsonreuters.com;))