Overview

• In its Aug. 11 SEC filing, Spirit Aviation Holdings warned it has “substantial doubt” about its ability to continue as a going concern over the next 12 months.
• The Fort Lauderdale-based carrier reported a $245.8 million net loss for the second quarter, widening its deficit since exiting Chapter 11 in March.
• Its credit-card processor has demanded additional cash collateral to secure a contract renewal scheduled for Dec. 31.
• Management is pursuing liquidity measures such as selling aircraft, spare engines, real estate and gate rights; it also plans to furlough and downgrade pilots.
• Spirit’s shares plunged nearly 40 percent following the disclosure even as the airline affirmed that scheduled flights remain on track.