Spirit Airlines Faces Bankruptcy as Stock Plummets Post-Merger Collapse
Spirit Airlines is nearing bankruptcy as it negotiates with creditors for a restructuring plan that may lead to the cancellation of its equity shares. This follows failed merger attempts with Frontier and JetBlue. While equity holders may suffer, the plan aims to protect general unsecured creditors and other stakeholders. Spirit's shares have significantly underperformed, dropping 80.31% year-to-date, with analysts recommending a 'sell' and an average price target of $2.13.