Spirit is exploring strategic alternatives after its recent restructuring failed to put the budget carrier on a sustainable path.

Spirit Airlines has engaged advisers to explore strategic options after its financial restructuring fell short of securing a sustainable future, the Wall Street Journal reported on Friday, citing sources.

Spirit Airlines says it may not survive another year. Here's how its potential collapse could affect low-cost flights and what it means for travelers seeking affordable airfare.

Spirit Airlines is weighing a range of strategic options after its recent financial restructuring failed to secure a sustainable future for the budget carrier, the Wall Street Journal reported on Friday,

Spirit Airlines Inc. borrowed $275 million via a revolving credit facility to avert a looming cash crunch that had threatened to cut off the company’s ability to accept credit card payments from customers.

Spirit Airlines executives say the company is struggling to meet the terms of its bankruptcy termination and may be forced to end operations.

"We remain hard at work on many initiatives to protect our unique franchise," CEO Dave Davis said in an email to employees.

Just five months after emerging from Chapter 11 bankruptcy protection, Spirit Airlines is warning about its future ability to stay in business.

On its first day in bankruptcy court last November, Spirit Airlines had a simple message for its employees, customers and creditors: Nothing would change for “99.9%” of them, as company lawyer Marshall Huebner put it.

Time could be running out for Spirit Airlines to continue operating, which would be bad news not only for its employees and customers but for all people seeking low-priced flights. For decades, the discount carrier has helped push prices down for domestic flights.