$Spirit Airlines (SAVE.US)$ So, Form 12b-25 notifies the SEC...
$Spirit Airlines (SAVE.US)$ So, Form 12b-25 notifies the SEC that an organization will be late in filing a particular report, not bankruptcy.
After reading the news articles, it's literally just speculation that they might file for bankruptcy due to both companies mutually agreeing to pull out of the merger deal because they wouldn't be able achieve the deal before the July deadline. There's talks of them restructuring, but nothing from them about filing for bankruptcy.
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QMengColdJoke : could lead to wipe out. Typically not really wipe out (to avoid legal issue), but could be huge bloody dilution , like old share holders only own 10% or even 1%
RoNo : The sec filing from spirit clearly states that if spirit is successful with a statutory settlement with bondholders that equity would be wiped out. Probably through dilution. If unsuccessful will explore other options ie ch7 or 11. Equity loses in all scenarios but keep buying I’ve got a few thousand shares I still need to unload