Spirit Airlines Faces Financial Turmoil Following Blocked Merger

The budget carrier reports significant losses and declining stock prices after its planned merger with JetBlue was halted by antitrust actions.

Spirit Airlines recorded a $142 million loss in Q1 2024, a 37.3% increase from the previous year.
The failed merger with JetBlue, blocked due to antitrust concerns, has left Spirit struggling in a competitive market.
Revenue fell by 6.2% year-over-year, with total operating expenses rising slightly by 0.7%.
Spirit's stock price dropped by 9%, hitting a record low as the airline forecasts another loss for the next quarter.
The airline is exploring refinancing options and has begun discussions with bondholders as it faces $1.5 billion in upcoming debt payments.