Spirit Airlines said Wednesday that it won't announce its quarterly financial results because the company is focused on talks with bond holders to restructure its debt .
The budget airline has been struggling to recover from the pandemic-caused swoon in travel and a failed attempt to sell the airline to JetBlue.
In a regulatory filing, the company said the debt-reduction talks have been productive. Should the talks succeed, Spirit Airlines expects its operations to continue with no impact on its employees and customers, but the restructuring would likely cancel its existing stock.
"The negotiations ... have advanced materially and are continuing in the near term, but have also diverted significant management time and internal resources from the company's processes for reviewing and completing its financial statements and related disclosures," the airline said in Wednesday's filing.
In early trading, shares of the company based in Miramar, Florida, plunged 55 to 1.77.
