Spirit Airlines, Inc.

SAVE

Market cap $118M

Fitch Ratings on Friday downgraded the long-term credit rating of Spirit Airlines to 'CC' from 'CCC', bringing it below the low-cost carrier's North America peers and warning that a near-term default appears probable.

Here are some of the major companies whose stocks moved on the week's news.

NEW YORK--(BUSINESS WIRE)-- #creditratingagency--Spirit Airlines Inc. (Spirit), an ultra-low-cost carrier headquartered in Dania Beach, Florida, has experienced financial deterioration in recent years as the airline has struggled to recover from the COVID-19 pandemic, with recent headlines indicating that Spirit is preparing to file for bankruptcy protection. Spirit is a lessee in six aviation lease asset-backed security (ABS) transactions rated by KBRA. While none of the exposures exceeds 10% of the underlying port.

The Wall Street Journal reports that Spirit Airlines (SAVE) has filed for bankruptcy after a possible Frontier Airlines (ULCC) merger fell through. Ÿael Ossowski believes Spirit will need a "pretty big lifeline" to lift it off the tarmac, which could come from the incoming Trump administration.

Shares in Spirit Airlines (NYSE: SAVE) are trading down over 64% in premarket as of this writing. SAVE stock is currently hovering around $1.14 per share, having closed at $3.22 per share yesterday.

Spirit Airlines, Inc.  SAVE shares are trading lower Wednesday. Investors are concerned.

Spirit Airlines is reportedly planning to file for bankruptcy protection in a matter of weeks after revived merger talks with Frontier Airlines fell through.

Spirit Airlines shares plunged almost 60% following a Wall Street Journal report the low-cost carrier is nearing a bankruptcy filing after a potential merger with Frontier Airlines has fallen through. Per the report, the Florida-based airline is working with creditors to make a bankruptcy plan and a filing could occur within weeks.

Investors focused more on the positives in Spotify's (SPOT) mixed earnings report, adding another 10% to an impressive year-to-date run for the stock. Instacart (CART) slipped in the opposite direction off an earnings beat and lowered guidance.

Spirit is expected to file for bankruptcy in the coming weeks.