Spirit Airlines tanks as JetBlue says merger may need to be terminated

Spirit Airlines tanked on Friday after JetBlue said their merger deal might need to be terminated.

JetBlue said it had told Spirit that certain conditions needed to satisfy the merger agreement may not be met before the date required.

"JetBlue continues to evaluate its options under the merger agreement," it said.

"Unless and until such time as the merger agreement is terminated pursuant to its terms, JetBlue will continue to abide by all of its obligations under the merger agreement."

At 1435 GMT, Spirit shares were down 16% at $5.88.