Spirit Airlines is working from a position of weakness, and the risk is very high for investors that put money into the stock.

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

Spirit Airlines is considering declaring bankruptcy after a proposed merger with Frontier Airlines fell apart. The Miramar, Florida-based discount airline is expected to file for bankruptcy protection from its debts in as little as 10 days or within weeks,