Spirit Airlines gains on report of renewed merger talks with Frontier Airlines
** Shares of U.S. carrier Spirit Airlines SAVE.N rise 17.5% at $2.48 premarket
** Frontier Airlines is exploring a renewed bid for Spirit Airlines, the Wall Street Journal reported on Tuesday, citing people familiar with the matter
** The two budget carriers have had recent discussions about a possible merger though the talks are at an early stage and a deal may not come to fruition, the report said
** Spirit came close to a merger deal with Frontier Group Holdings ULCC.O in 2022, the parent co of Frontier Airlines, which was terminated after JetBlue Airways JBLU.O won the bidding war for Spirit
** However, that $3.8 bln deal was blocked by the U.S. Dept of Justice in March
** Spirit has reported losses in five out of the last six quarters
** Spirit said last week it has reached an agreement with its credit card processor U.S. Bank National Association to extend a debt refinancing deadline by two months
** As of last close, stock down about 86.8% YTD
Reporting by Sukriti Gupta in Bengaluru
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