Spirit is exploring strategic alternatives after its recent restructuring failed to put the budget carrier on a sustainable path.

Time could be running out for Spirit Airlines to continue operating, which would be bad news not only for its employees and customers but for all people seeking low-priced flights. For decades, the discount carrier has helped push prices down for domestic flights.

Spirit Airlines Inc. borrowed $275 million via a revolving credit facility to avert a looming cash crunch that had threatened to cut off the company’s ability to accept credit card payments from customers.

Fewer people are booking leisure trips and tough competition from other carriers are making it hard to hit the money targets, the airline said.

On Monday, Aug. 18, data from a Spirit Airlines flight showed that the aircraft flew through Hurricane Erin as it was a Category 4 storm off the coast of the Caribbean.

"We remain hard at work on many initiatives to protect our unique franchise," CEO Dave Davis said in an email to employees.

Just five months after emerging from Chapter 11 bankruptcy protection, Spirit Airlines is warning about its future ability to stay in business.

Spirit Airlines said there was "substantial doubt" about its ability to continue as a going concern, as travel demand has weakened and losses mounted.