Spirit Aviation Holdings, Inc. ( FLYY ) shares plummeted in Friday’s after-hours session following a report that Spirit Airlines is getting ready to file for bankruptcy again.

FLYY stock plummets. See the real-time price action here.

Bankruptcy #2

The bankruptcy filing comes less than a year after its previous restructuring effort failed to bring lasting financial stability.

The airline initially sought Chapter 11 protection last November, following unsuccessful merger talks with other carriers.

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Spirit emerged from bankruptcy in March by converting about $800 million of corporate debt into equity. Still, it remained burdened with over $2 billion in debt and steep aircraft leasing expenses.

The ongoing financial pressures became unmanageable, especially as demand for air travel declined in the first half of the year.

The Wall Street Journal reported that Spirit has brought on new consultants to help them consider further restructuring strategies.

“Since emerging from our previous restructuring, which was targeted exclusively on reducing Spirit’s funded debt and raising equity capital, it has become clear that there is much more work to be done and many more tools are available to best position Spirit for the future,” said CEO Dave Davis, in a prepared statement.

“After thoroughly evaluating our options and considering recent events and the market pressures facing our industry, our Board of Directors decided that a court-supervised process is the best path forward to make the changes needed to ensure our long-term success,” Davis added.

Spirit said it anticipates that it will soon be removed from the NYSE American Stock Exchange due to its Chapter 11 bankruptcy filing, and the company believes its common shares will keep trading over-the-counter while the bankruptcy process unfolds.

As part of Spirit’s restructuring, the shares are expected to be cancelled and will likely become worthless.

Stock Price: According to data from Benzinga Pro, Spirit Aviation Holdings ( FLYY ) shares were down 45.9% at 66 cents at the time of publication Friday.

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