A Spirit Airlines aircraft is operated in preparation for departure at Austin-Bergstrom International Airport in Austin, Texas, on February 12, 2024.
Brandon Bell | Getty Images
Spirit Airlines Shares closed at a new low on Friday ahead of a looming deadline to refinance more than $1.1 billion in debt.
The airline's stock closed about 3% down, at less than $1.50 per share.
The low-cost airline had extended this deadline with credit card processor US Bank to Monday from an earlier date in September.
The Miramar, Florida-based airline has furloughed employees, cut its schedule and postponed aircraft deliveries over the past year to save money.
Many of his planes were grounded because of one Pratt & Whitney Engine recall. It also reported weaker-than-expected bookings and the planned takeover by JetBlue Airways was thwarted after it was blocked by a federal judge on antitrust grounds.
Its shares are down more than 90% so far this year and nearly 40% so far in October alone.
Earlier this month, the Wall Street Journal said the airline was considering filing for bankruptcy. Spirit and advisor Perella Weinberg Partners did not immediately comment on the matter.
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