Spirit Airlines Stock Sinks on Report Frontier Merger Talks Break Down | Global News Avenue

Spirit Airlines (saveShares of the budget airline plunged more than 60% in premarket trading after reports that the budget airline was preparing to file for bankruptcy protection after resuming merger talks with Frontier Group Holdings, its parent company.Extra large capacitor) collapsed.

according to wall street journalFrontier has exited merger negotiations Spirit has also been in advanced talks with bondholders to develop a bankruptcy plan. “A bankruptcy filing is expected within weeks,” the report said.

Spirit struggles with surging losses said last month The company plans to cut jobs and sell some aircraft to try to shore up its finances.

The spirit was also last month extension period Debt refinancing with Visa (V) and MasterCard (master) and face looming debt maturities.

Spirit Airlines-JetBlue Airways merger collapses this year amid antitrust scrutiny

this Magazine Reports emerged last month that the two airlines had restarted merger talks. Frontier originally planned to acquire Spirit in 2022, but JetBlue Airways fell through (Jilin University) pounce in Make an offer that is considered superior, even though the deal canceled in March amid regulators’ antitrust review.

JetBlue and Spirit Airlines merger will create fifth largest airline and put it in a competitive position in the domestic aviation industry Dominated by the Big Four: American Airlines (Asian Airlines Association), Delta Air Lines (Dar), Southwest Airlines (low uv) and United Airlines (University of London College of Art).

Spirit and Frontier did not return immediately. Investment Encyclopedia Request for comment.

Spirit shares have fallen nearly 80% this year as of Tuesday’s close, losing two-thirds of their remaining value in premarket trading.