Spirit Airlines extends debt refinancing deadline by hours.

• On Friday, Spirit Airlines once again postponed a deadline with its credit card processor to renegotiate over $1 billion in debt.
• Spirit shares are down more than 90% so far this year.
• To save money, the airline has laid off pilots, given employees the option to buy out their contracts, and delayed the delivery of planes.

On Friday, it was announced that the debt refinancing timeline had been extended to December, just hours before the deadline.

Earlier this week, Spirit announced that it had drawn down its $300 million revolving credit facility and expects to end the year with just over $1 billion in liquidity.

The company is currently engaged in ongoing talks with holders of its senior secured notes due 2025 and convertible senior notes due 2026 regarding their maturity dates, as previously disclosed.

The airline's stock closed at a new low on Friday, down roughly 3%, at less than $1.50 per share. The deadline had been extended until Oct. 21 before the Friday change.

Over the past year, the airline based in Miramar, Florida has taken measures such as furloughing employees, reducing its schedule, and deferring aircraft deliveries in an effort to conserve cash.

Its planes have been grounded due to an engine recall, and it has reported weaker-than-expected bookings. Additionally, its planned acquisition was blocked by a federal judge on antitrust grounds.

Nearly 40% of its shares have fallen in October alone, resulting in a more than 90% decline this year.

This month, The Wall Street Journal reported that Spirit Airlines is considering filing for bankruptcy. Perella Weinberg Partners, Spirit's advisor, did not respond immediately to the matter.