Stocks to Watch: Spirit Airlines, Martin Midstream Partners, Smart Sand

Dow Jones
2024/10/04
 

By Connor Hart

 

Spirit Airlines has been in discussions with bondholders over the terms of a potential bankruptcy filing in the wake of its failed merger with JetBlue Airways, The Wall Street Journal reported, citing people familiar with the matter. The budget carrier has also been exploring restructuring its balance sheet through an out-of-court transaction, though recent talks have been more focused on reaching an agreement with bondholders and other creditors to support a chapter 11 filing, the people said. Shares fall 29%, to $1.60, in after-hours trading.

Martin Midstream Partners said it is selling itself to Martin Resource Management at a premium price. The natural-gas distribution company said Martin Resource will acquire all of its outstanding common units it doesn't already own in an all-cash transaction. Martin Resource will pay $4.02 per unit, representing a 34% premium to Martin Midstream Partners' closing price prior to the company's initial proposal, made on May 24. Shares rise 10%, to $3.95, in postmarket trading.

Smart Sand's board authorized $10 million in share repurchases and declared a special dividend. The frac and industrial sand-supply and services company said that the buybacks are allowed to happen through April 3, 2026, through open-market purchases, privately negotiated deals and approved insider purchases. A special cash dividend of 10 cents per share, payable Oct. 28 to shareholders of record as of Oct. 15, was also declared. Shares gain 15%, to $2.30, in after-hours trading.

 

Write to Connor Hart at connor.hart@wsj.com

 

(END) Dow Jones Newswires

October 03, 2024 19:28 ET (23:28 GMT)

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