Spirit Airlines warns about its ability to stay in business over next year
'Management has concluded there is substantial doubt as to our ability to continue as a going concern within 12 months,' the airline's parent company, Spirit Aviation Holdings, wrote in its quarterly financial report on Monday.
The report, which reflects data through the end of June, cited ongoing concerns about cash flow, market conditions and aircraft fuel prices and availability, among others.
Spirit stock took a dramatic tumble Tuesday after the news.
The ultra-low-cost airline has struggled to regain its footing since the COVID-19 pandemic, prompting the company to seek bankruptcy protection in November, which ended in March.
The company announced last month that it would furlough about 270 pilots and demote another 140 this year to trim its workforce and schedule.
'We are taking necessary steps to ensure we operate as efficiently as possible as part of our efforts to return to profitability,' the company told The Hill. 'We recognize the weight of this decision and are committed to treating all affected Team Members with compassion and respect during this process.'
In Monday's filing, the company suggested that it's examining other avenues to stay afloat, including possibly selling some aircraft and real estate.
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