Spirit Airlines is preparing to file for bankruptcy protection after merger talks with Frontier Airlines broke down, according to people familiar with the matter. The Florida-based budget airline is in advanced discussions with bondholders to hammer out a bankruptcy plan that would have support from a majority of creditors,

Spread the loveRumors are swirling about the financial health of Spirit Airlines, a budget carrier known for its ultra-low fares and often-criticized ancillary fees. While the airline hasn’t officially filed for bankruptcy,

Spirit Airlines is taking aggressive steps to avoid bankruptcy, but the best-case outcome still isn't likely to result in a huge payday.