Spirit Airlines explores strategic options after restructuring falls short, WSJ reports

[Spirit And American Airlines Delays Extend To Fourth Day]
Brandon Bell/Getty Images News

Spirit Airlines (NYSE:FLYY [https://seekingalpha.com/symbol/FLYY]) is exploring strategic alternatives after its recent financial restructuring failed to put the budget carrier on a sustainable path, WSJ reported, citing people familiar with the matter.

The budget airline has brought on financial adviser PJT Partners as it navigates a cash crunch that it previously said raises doubt about its ability to continue as a going concern, the report said.

It is also working with consulting firms FTI and Seabury Airline Strategy Group.

Spirit (NYSE:FLYY [https://seekingalpha.com/symbol/FLYY#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) has warned [https://seekingalpha.com/news/4484153-spirit-aviations-woes-opens-runway-for-competitors] that without a cash infusion, it won’t be able to comply with its debt obligations and is unlikely to survive for another year. Spirit Airlines filed for bankruptcy last November and exited Chapter 11 protection in March.

Spirit Aviation Holdings (OTC:SAVEQ [https://seekingalpha.com/symbol/SAVEQ]), the parent company of Spirit Airlines, announced it had received approval to list on the NYSE American stock exchange.

MORE ON SPIRIT AVIATION HOLDINGS, INC.

* Spirit Aviation: New Equity, Same Broken Model [https://seekingalpha.com/article/4806253-spirit-aviation-new-equity-same-broken-model]
* Spirit's 'Fresh Start': Debt, Doubt, And A Dash Of Hope [https://seekingalpha.com/article/4800934-spirits-fresh-start-debt-doubt-and-a-dash-of-hope]
* Spirit Aviation's woes opens runway for competitors [https://seekingalpha.com/news/4484153-spirit-aviations-woes-opens-runway-for-competitors]
* Closed runway at Newark Liberty International Airport to open ahead of schedule [https://seekingalpha.com/news/4454012-closed-runway-at-newark-liberty-international-airport-to-open-ahead-of-schedule]
* Historical earnings data for Spirit Aviation Holdings, Inc. [https://seekingalpha.com/symbol/FLYY/earnings]