Spirit Airlines are preparing to fully shut down, stock ($FLYYQ) plummeted 74% today

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While Spirit was already in bankruptcy, the surge in jet fuel prices to $4.51/gallon (due to the conflict in Iran) made their recovery plan mathematically impossible.

https://www.livemint.com/companies/news/spirit-airlines-preparing-for-total-shutdown-after-bailout-talks-fail-stock-crashes-74-11777650839485.html

Negotiations for a government-backed rescue failed because bondholders wouldn’t agree to let a federal loan take priority over their existing debt.

https://www.ft.com/content/18ab5a6a-397a-47b5-af06-f8e846b45bf1?syn-25a6b1a6=1

Spirit’s stock ($FLYYQ) plummeted 74% today, hitting as low as $0.40, while competitors like Frontier and JetBlue saw their shares rally on the news.

https://www.hindustantimes.com/world-news/us-news/who-owns-spirit-airlines-shareholding-structure-explained-amid-shutdown-over-bankruptcy-101777652068796.html

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