Spirit Airlines (FLYY)is expected to enter bankruptcy for the second time in a year after an earlier reorganization failed to put it on stable financial ground, Alison Sider and Alexander Gladstone of The Wall Street Journal reported, citing people familiar with the matter. Spirit filed for chapter 11 last November after multiple unsuccessful attempts to merge with other airlines. Spirit reportedly still carried more than $2B of debt after the bankruptcy proceeding and was left with inflated aircraft lease costs.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FLYY:
- Dell reports ‘beat and raise,’ Caterpillar sees big tariff impacts: Morning Buzz
- Spirit execs meet with Frontier, discuss rebuilding efforts, Bloomberg says
- Spirit Airlines exploring strategic alternatives amid cash crunch, WSJ reports
- Spirit Aviation Secures $275M to Enhance Liquidity
- Spirit Aviation Holdings (NYSEMKT:FLYY) Issues Going Concern Warning as Shares Attempt Recovery From Bankruptcy