### Spirit Airlines Faces Financial Turbulence as Shares Plunge Over 30%

Shares of Spirit Airlines plummeted by more than 30% on Friday, resulting in the company's steepest decline since its proposed merger with JetBlue Airways was blocked earlier this year. The sharp drop, fueled by reports that the airline is contemplating bankruptcy, marks a significant downturn for the low-cost carrier.

As of Friday, Spirit's stock has nosedived by 91% since it reached its 52-week peak of $16.77 on October 23, 2023. The airline, known for its ultra-low fares, has experienced tremendous financial pressure following the failed merger with JetBlue.

Before JetBlue's offer, Spirit had initially planned a merger with Frontier Airlines in a deal valued at $6.6 billion, announced in February 2022. However, that agreement fell apart when JetBlue presented a higher valuation offer.

Ted Christie, the CEO of Spirit Airlines, addressed shareholders in June, expressing optimism about the company's future plans post-merger and assuring them that bankruptcy was not under consideration. To bolster finances, Spirit has implemented various measures, such as eliminating fees for changing flights and increasing the maximum checked bag weight from 40 pounds to 50 pounds.

Despite these efforts, the airline continues to face significant challenges in stabilizing its financial situation, prompting growing concerns about the company's ability to sustain operations without substantial intervention.