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

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

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 CEO Dave Davis addresses employees after an SEC filing showed substantial doubt in the budget carrier's future operations.

After cutting its debt during restructuring, Spirit has tried to attract bookings by marketing more upscale products and looking for new ways to cut costs.

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,

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

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.