Five months after climbing out of bankruptcy, Spirit Airlines says it still may not survive

Shares of beleaguered budget airline Spirit Airlines are down nearly 40% in Tuesday morning trading after the company issued a dire warning about its ability to survive as a going concern without more cash.

The airline emerged from bankruptcy in March and re-listed on the NYSE in late April under the FLYY ticker.

Spirit said it continues to struggle in a “challenging pricing environment” since coming back from bankruptcy, and is considering selling aircraft or its gate space at certain airports to raise cash.

“Management has concluded there is substantial doubt as to the Company’s ability to continue as a going concern within 12 months from the date these financial statements are issued,” Spirit said.