Spirit Airlines (SAVE) shares slumped 27% after The Wall Street Journal reported that the budget carrier is in talks with bondholders for the terms of a potential bankruptcy filing.
Spirit is also looking at restructuring its balance sheet through an out-of-court transaction, the report said, citing unnamed people familiar with the matter. Recent talks have been focused on reaching an agreement with lenders to support a Chapter 11 filing, the Journal said, adding that a filing would not be imminent if it were to happen. Spirit didn't immediately respond to MT Newswires' request for comment.
More than 29.5 million shares traded intraday compared with a daily average of about 4.6 million.
AgEagle Aerial Systems (UAVS) unveiled, late on Thursday, a 1-for-50 reverse stock split, effective Oct. 14, to ensure the company's common stock meets NYSE American's per-share listing requirements.
Shares slumped 21%, with intraday trading volume at over 8.1 million compared with a daily average of about 4.4 million.
Price: 1.64, Change: -0.61, Percent Change: -27.01
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