(Reuters) – Spirit Airlines (NYSE:)’ CEO said the carrier is not considering a Chapter 11 bankruptcy and is “encouraged” by the plan it has in place after its deal with JetBlue Airways (O:) fell through, CNBC reported on Friday, citing remarks from an annual shareholder meeting.
Shares of the ultra-low-cost carrier were down about 1.2% in morning trade amid a decline in broader markets.
CEO Ted Christie’s remarks come as the Florida-based company continues to reel from the grounding of several of its aircraft, as well as bloated industry capacity in key markets.
Some analysts have also questioned Spirit’s ability to manage debt, which is due to mature in 2025 and 2026, as the airlines has continued to lose money despite a strong travel season.
Spirit on Tuesday announced that its CFO Scott Haralson would leave the airline and Brian McMenamy will act as interim CFO effective June 14.
