Spirit Airlines (SAVE) said last night that its unable to file its quarterly report for the quarter ended September 30 “by the prescribed due date without unreasonable effort or expense.” As previously disclosed, Spirit has been in discussions with holders of its senior secured notes due 2025 and convertible senior notes due 2026 with respect to restructuring the obligations owed by the company to the noteholders, as well as exploring strategic alternatives and other ways to improve liquidity. “The negotiations, with a supermajority of the Noteholders, have remained productive, have advanced materially and are continuing in the near term, but have also diverted significant management time and internal resources from the Company’s processes for reviewing and completing its financial statements and related disclosures,” Spirit said in a statement. If a definitive agreement with such noteholders is reached, it is expected to lead to the cancellation of the company’s existing equity, Spirit Airlines added. Shares of Spirit Airlines are down 57% to $1.37 in early trading.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SAVE:
- Spirit Airlines plummets after WSJ says company preparing to file for bankruptcy
- Spirit Airlines price target lowered to $1 from $2 at TD Cowen
- Spirit Airlines Plunges 63% on Possibility of Bankruptcy Deal Wiping Out Shareholders’ Wealth
- Closing Bell Movers: Instacart down 6% after earnings
- Spirit Airlines files Form 12b-25 with SEC
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
