A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport on February 12, 2024 in Austin, Texas.Â
Brandon Bell | Getty Images
Spirit Airlines shares closed at a fresh low on Friday ahead of a looming deadline to refinance more than $1.1 billion in debt.
The airline’s stock closed down roughly 3%, at less than $1.50 per share.
The budget carrier had extended that deadline with credit card processor U.S. Bank to Monday, from a previous date in September.
The Miramar, Florida-based airline has furloughed workers, slashed its schedule and deferred aircraft deliveries to save cash over the past year.
Many of its planes have been grounded because of a Pratt & Whitney engine recall, it has reported weaker-than-expected bookings and its planned acquisition by JetBlue Airways was scuttled after getting blocked by a federal judge on antitrust grounds.
Its shares have tumbled more than 90% so far this year and nearly 40% so far in October alone.
Earlier this month the Wall Street Journal said that the carrier is considering a bankruptcy filing. Spirit and advisor Perella Weinberg Partners didn’t immediately comment on the matter.
