According to sources familiar with the matter, Spirit Airlines, the budget carrier owned by Spirit Aviation Holdings Inc (FLYY.US), is exploring strategic alternatives after recent financial restructuring efforts failed to put the company on a sustainable trajectory. Following this news, Spirit Aviation Holdings Inc shares tumbled 10% in pre-market trading.

Sources revealed that the budget airline has retained financial advisory firm PJT Partners to help address cash shortage issues, having previously indicated that the cash crunch raises substantial doubt about its ability to continue operations. The company is also working with consulting firm FTI and Seabury Aviation Strategy Group.

Spirit Airlines has warned that without a cash infusion, the company will be unable to meet its debt obligations and will likely be unable to sustain operations for another year. The airline filed for bankruptcy protection in November last year and emerged from Chapter 11 bankruptcy proceedings in March of this year.