Discount carrier Spirit Airlines (SAVE) is in trouble, that much is obvious. A report came out from The Wall Street Journal that per individuals familiar with the matter, the struggling company is considering filing for bankruptcy. It wouldn’t be the most surprising event to occur in the market in recent memory, with SAVE stock suffering a severe loss of value prior to this latest debacle.
Of course, the report didn’t help matters. On Friday, SAVE stock suffered a decline of almost 25%. In the afterhours session, shares continued to take a hit, albeit modestly (relatively speaking) at 1.78% down. As Barchart content partner The Motley Fool mentioned, Standard & Poor’s had previously downgraded the airliner’s bonds to “junk” status.
