Spirit Nearing Bankruptcy That Would Wipe Out Shareholders.

Spirit Airlines Inc. is on the verge of bankruptcy and is in advanced talks with creditors to restructure its debt through a Chapter 11 bankruptcy process, potentially leading to the cancellation of existing equity. Previous discussions with Frontier Group Holdings Inc. for a merger fell through, and negotiations with bondholders have been ongoing. The restructuring plan is not expected to impact general unsecured creditors, employees, customers, vendors, suppliers, or aircraft lessors. The airline's financial struggles stem from the blocked takeover by JetBlue Airways and the burden of debt negotiations. [Extracted from the article]