On February 12, 2024, a Spirit Airlines aircraft prepared for takeoff at Austin-Bergstrom International Airport in Austin, Texas.
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spirit airlines It said on Friday it had once again extended its debt refinancing schedule to December, just hours before the deadline.
Spirit said in a filing late Friday that it drew down its entire $300 million revolving credit facility earlier this week and expects to end the year with just over $1 billion in liquidity.
“As previously disclosed, the Company is still working with holders of its senior secured notes due 2025 and convertible senior notes due 2026 regarding their respective arrivals,” Spirit said in a filing late Friday. Have active and constructive discussions on the date.
The deadline was originally set for September and was extended to October 21 before changing on Friday. The airline’s stock closed at a new low on Friday, down about 3% to less than $1.50 a share.
The Miramar, Florida-based airline has saved cash over the past year by furloughing employees, cutting flight schedules and delaying aircraft deliveries.
Many of its aircraft have been grounded due to Pratt & Whitney Engine recall. The company also reported lower-than-expected bookings and plans to acquire JetBlue Airways Destroyed after being blocked by a federal judge on antitrust grounds.
Its shares have fallen more than 90% so far this year, and are down nearly 40% so far in October alone.
At the beginning of this month, The Wall Street Journal said The carrier is considering filing for bankruptcy protection. Spirit and adviser Perella Weinberg Partners did not immediately comment.
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