Spirit Shares Sink After Engaging Advisers to Explore Repeat Restructuring

Dow Jones

Aug 25

By Connor Hart

Spirit Airlines's stock price fell after The Wall Street Journal reported that the budget airline is exploring strategic alternatives amid its ongoing cash crunch.

Shares of Spirit Aviation Holdings fell 12%, to $1.44, in premarket trading Monday. Through Friday's close, the stock has lost nearly 70% of its value in the past three months.

Spirit brought on financial adviser PJT Partners, the report said, and is additionally working with consulting firms FTI and Seabury Airline Strategy Group. The carrier emerged from bankruptcy in March having eliminated $795 million in debt in a deal with bondholders, who have agreed to receive equity in exchange.

However, the restructuring failed to put the company on a sustainable path. Spirit last week borrowed the full $275 million available under its revolver and extended a credit-card processing agreement.

The company has said it is exploring ways to bring in cash such as selling planes, real estate or excess gate capacity, according to the report.

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

(END) Dow Jones Newswires

August 25, 2025 06:26 ET (10:26 GMT)

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Through Friday's close, the stock has lost nearly 70% of its value in the past three months. \n</p>\n<p>\n  Spirit brought on financial adviser PJT Partners, the report said, and is additionally working with consulting firms FTI and Seabury Airline <a href=\"https://laohu8.com/S/MSTR\">Strategy</a> Group. The carrier emerged from bankruptcy in March having eliminated $795 million in debt in a deal with bondholders, who have agreed to receive equity in exchange. \n</p>\n<p>\n  However, the restructuring failed to put the company on a sustainable path. 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Through Friday's close, the stock has lost nearly 70% of its value in the past three months. \n\n\n  Spirit brought on financial adviser PJT Partners, the report said, and is additionally working with consulting firms FTI and Seabury Airline Strategy Group. The carrier emerged from bankruptcy in March having eliminated $795 million in debt in a deal with bondholders, who have agreed to receive equity in exchange. \n\n\n  However, the restructuring failed to put the company on a sustainable path. Spirit last week borrowed the full $275 million available under its revolver and extended a credit-card processing agreement. \n\n\n  The company has said it is exploring ways to bring in cash such as selling planes, real estate or excess gate capacity, according to the report. \n\n\n \n\n\n  Write to Connor Hart at connor.hart@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  August 25, 2025 06:26 ET (10:26 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}