The ultra-low cost airline is gathering assets for a bankruptcy plan, which motions could be initiated in coming weeks.

Spirit Airlines is in constructive discussion with its creditors and continues to explore strategic alternatives to improve liquidity, the ultra-low-cost carrier said on Tuesday. The negotiations, with a supermajority of the noteholders,

Spirit Airlines is preparing to file for bankruptcy protection after merger talks with Frontier Airlines broke down, according to people familiar with the matter. The Florida-based budget airline is in advanced discussions with bondholders to hammer out a bankruptcy plan that would have support from a majority of creditors,