Low-cost air carrier Spirit Airlines is now in discussion with investment firm Castlelake for a possible takeover, as per a CNBC report.
While exact details are unclear as to the progress of the talks between the two firms, a successful deal would provide the airline with much-needed support, after a year of bankruptcy proceedings, cash crunches, and unserviceable levels of debt.
Known as the low-cost airline that provided customers with a cheap, reliable option for domestic flights, Spirit Airlines is now losing market share to airlines that can provide better flight experiences.
In 2025, Spirit Airlines said it would be cutting thousands of jobs across various roles, such as pilots and air attendants, in an attempt to cut down on costs.
M&A deal attempts for the brand have been unsuccessful as well over recent years, with a planned merger with Frontier Airlines turned down in favour of a more lucrative acquisition offer from JetBlue Airways, which was blocked later due to anti-competition concerns.