Spirit Slumps After Filing For Second Bankruptcy in Year (2)

(Updates shares; adds peer moves)

Spirit Aviation shares slump 46% in postmarket trading after the budget airline began a voluntary restructuring process to implement financial and operational transformation to its redesign network, optimize its fleet and realign its strategy with the evolving marketplace.

• Expects to be delisted from the NYSE American Stock Exchange in the near term
• Expects to continue to trade in OTC marketplace through the Chapter 11 process
• Airline peers Frontier Group (+17%), American Air (+3.4%), Delta (+1.6%), United (+0.8%) all advance in postmarket trading
• READ: Spirit Airlines Files Second Bankruptcy in Less Than a Year (1)
• READ, August 12: ...