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Fitch Ratings on Friday downgraded the long-term credit rating of Spirit Airlines to 'CC' from 'CCC', bringing it below the low-cost carrier's North America peers and warning that a near-term default appears probable.
NEW YORK--(BUSINESS WIRE)-- #creditratingagency--Spirit Airlines Inc. (Spirit), an ultra-low-cost carrier headquartered in Dania Beach, Florida, has experienced financial deterioration in recent years as the airline has struggled to recover from the COVID-19 pandemic, with recent headlines indicating that Spirit is preparing to file for bankruptcy protection. Spirit is a lessee in six aviation lease asset-backed security (ABS) transactions rated by KBRA. While none of the exposures exceeds 10% of the underlying port.
The Wall Street Journal reports that Spirit Airlines (SAVE) has filed for bankruptcy after a possible Frontier Airlines (ULCC) merger fell through. Ÿael Ossowski believes Spirit will need a "pretty big lifeline" to lift it off the tarmac, which could come from the incoming Trump administration.
Shares in Spirit Airlines (NYSE: SAVE) are trading down over 64% in premarket as of this writing. SAVE stock is currently hovering around $1.14 per share, having closed at $3.22 per share yesterday.
Spirit Airlines, Inc. SAVE shares are trading lower Wednesday. Investors are concerned.
Spirit Airlines is reportedly planning to file for bankruptcy protection in a matter of weeks after revived merger talks with Frontier Airlines fell through.
Spirit Airlines shares plunged almost 60% following a Wall Street Journal report the low-cost carrier is nearing a bankruptcy filing after a potential merger with Frontier Airlines has fallen through. Per the report, the Florida-based airline is working with creditors to make a bankruptcy plan and a filing could occur within weeks.
Spirit Airlines warns its equity would be wiped out if it reaches bankruptcy deal with its creditors
Spirit is expected to file for bankruptcy in the coming weeks.
U.S. stock futures were lower this morning, with the Dow futures falling around 100 points on Wednesday.
Spirit Airlines (SAVE) shares are plunging more than 60% in premarket trading on a report that the budget carrier is getting ready to file for bankruptcy protection after revived merger talks with Frontier Airlines parent Frontier Group Holdings (ULCC) collapsed.