Spirit Airlines delays release of Q3 financial results as debt restructuring talks heat up
Spirit Airlines says it won’t announce its quarterly financial results on time because the company is focused on talks with bond holders to restructure its debt
By AP News
Published - Nov 13, 2024, 01:11 PM ET
Last Updated - Dec 16, 2024, 05:26 PM EST
NEW YORK (AP) — Shares of Spirit Airlines plunged Wednesday after the budget airline said that it won't announce quarterly financial results on time while it continues talks with bond holders to restructure its debt.
Spirit said negotiations are progressing toward an agreement that would protect creditors and customers. However, the company said if such a deal is reached, it would be expected to wipe out existing shares.
The stock was down 58% in afternoon trading Wednesday.
The low-cost airline has been struggling to recover from the pandemic-caused swoon in travel. A federal judge blocked an attempt to sell the airline to JetBlue after the Justice Department sued on antitrust grounds.
