Spirit Airlines shares hit record low as Monday debt deadline looms

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Spirit Airlines shares hit record low as Monday debt deadline looms

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport on February 12, 2024 in Austin, Texas. 

Brandon Bell | Getty Images

Spirit Airlines shares closed at a fresh low on Friday ahead of a looming deadline to refinance more than $1.1 billion in debt.

The airline’s stock closed down roughly 3%, at less than $1.50 per share.

The budget carrier had extended that deadline with credit card processor U.S. Bank to Monday, from a previous date in September.

The Miramar, Florida-based airline has furloughed workers, slashed its schedule and deferred aircraft deliveries to save cash over the past year.

Many of its planes have been grounded because of a Pratt & Whitney engine recall, it has reported weaker-than-expected bookings and its planned acquisition by JetBlue Airways was scuttled after getting blocked by a federal judge on antitrust grounds.

Its shares have tumbled more than 90% so far this year and nearly 40% so far in October alone.

Earlier this month

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that the carrier is considering a bankruptcy filing. Spirit and advisor Perella Weinberg Partners didn’t immediately comment on the matter.

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