Honestly, if you've been watching the Spirit Airlines stock price lately, it's been a total rollercoaster—well, more like a flight with some pretty terrifying turbulence that just won't end. People used to joke about Spirit's "bare fare" model, but there's nothing funny about what’s happened to the ticker.
In late 2024, the airline officially filed for Chapter 11 bankruptcy. It wasn't exactly a shock to Wall Street, but it definitely hit the retail investors hard. By the time we rolled into early 2026, the situation became even more complicated. Spirit isn't just dealing with one bankruptcy; they basically had to reboot their entire restructuring plan.
Right now, the original SAVE ticker is a ghost of its former self. After being delisted from the New York Stock Exchange in November 2024, it moved to the over-the-counter (OTC) markets. You’ll see it trading under SAVEQ or sometimes FLYYQ, depending on which phase of the "new" Spirit you’re looking at. The price? Usually hovering in the "pennies" range—somewhere around $0.20 to $0.25 as of mid-January 2026.
Why Spirit Airlines Stock Price Crashed and Stayed There
The decline wasn't just bad luck. It was a perfect storm of debt, engine failures, and a blocked merger that left the company stranded. When JetBlue tried to buy Spirit for $3.8 billion, it looked like a lifeline. Then, a federal judge blocked it on antitrust grounds in early 2024. That was the beginning of the end for the old stock price.
🔗 Read more: ROST Stock Price History: What Most People Get Wrong
Suddenly, Spirit was left with billions in debt and no partner. To make matters worse, their Pratt & Whitney engines started having serious issues, grounding a huge chunk of their fleet. You can’t make money if your planes can’t fly.
By August 2025, the company filed for its second round of Chapter 11 protection in less than a year. That’s almost unheard of in the airline industry. It basically signaled to the market that the first attempt to fix the balance sheet wasn't enough.
The Bankruptcy Maze: What "SAVEQ" Means for You
When a stock gets that "Q" added to the end of its ticker, it's the market's way of saying "handle with care." It means the company is in bankruptcy proceedings. Most of the time, in a Chapter 11 case, the old shares are eventually cancelled and become worthless.
💡 You might also like: 53 Scott Ave Brooklyn NY: What It Actually Costs to Build a Creative Empire in East Williamsburg
- Secured Creditors: These guys (banks and big lenders) get paid first.
- Unsecured Creditors: Bondholders and suppliers. They usually get some cents on the dollar or new shares.
- Common Shareholders: That’s likely you. In 99% of airline bankruptcies, the original shareholders get absolutely nothing.
The current Spirit Airlines stock price reflects this reality. It's essentially a "lottery ticket" for people betting that a miracle merger—maybe with Frontier—might leave a tiny bit of value for the old owners. But honestly? It's a massive gamble.
The 2026 Restructuring: Can Spirit Survive?
Spirit is currently trying to slim down. They’ve reached deals with pilots and flight attendants to cut costs, and they've even handed back dozens of leased planes to AerCap. The goal is to emerge by the summer of 2026 as a "smaller, leaner" airline.
There was a moment in early 2025 where it looked like they might emerge quickly, but the complexity of their debt held them back. They recently asked the court for a 120-day extension to file their final reorganization plan. This means we likely won't see a "final" version of the new Spirit until late April or June 2026.
📖 Related: The Big Buydown Bet: Why Homebuyers Are Gambling on Temporary Rates
Is Anyone Still Buying This?
Believe it or not, people are still trading the stock. Some day traders love the volatility. When you’re dealing with a stock priced at $0.21, a move of just three cents is a 15% gain. But for the long-term investor, it’s a graveyard.
The company has secured about $475 million in "debtor-in-possession" (DIP) financing. This is basically a high-interest emergency loan that keeps the lights on and the planes fueled while they figure things out. But remember: the people providing that $475 million expect to be the new owners of the airline when it exits bankruptcy. They aren't doing it to save your old shares.
Actionable Insights for Investors and Passengers
If you’re holding the bag or thinking about jumping in, here is the reality of the Spirit Airlines stock price situation right now:
- Check your ticker: If you still see SAVE in your portfolio, it's likely "frozen" or trading as SAVEQ. Most brokers like Robinhood or Fidelity will only let you sell these positions, not buy more.
- Tax Loss Harvesting: Since the stock is worth a fraction of its former value, many investors are selling now to offset their capital gains from other stocks for the 2025 or 2026 tax years.
- Watch the "Bar Date": The bankruptcy court set January 27, 2026, as the general bar date for filing claims. If you think the company owes you money (beyond just a flight refund), that’s your deadline.
- Don't Panic on Flights: If you have a ticket, you're probably fine. Chapter 11 is about keeping the business running. Spirit is still flying, still selling "Big Front Seats," and still charging for carry-ons.
The bottom line is that the Spirit we knew three years ago is gone. The stock price isn't just low; it's a reflection of a company being completely dismantled and rebuilt from the ground up. If a merger with Frontier finally happens in mid-2026, it will likely involve "New Spirit" shares, not the ones currently trading for pennies on the OTC market.
To move forward, you should download your latest brokerage statements to document your original "basis" (what you paid) for the stock. If the shares are eventually cancelled by the court later this year, you'll need that paperwork to claim a total loss on your taxes. Keep a close eye on the SEC filings through the Epiq 11 bankruptcy portal for the official "Effective Date" of the restructuring plan, as that is when the final fate of the old common stock will be sealed.