Some Wall Street analysts speculated that if Spirit wasn’t able to reach refinance or extend the deadline on a credit card processing agreement, then bankruptcy could be on the table for the beleaguered carrier.

Spirit Airlines extends its debt deadlines amid bankruptcy speculations, while JetBlue's founder argues that Frontier would have been a better match after their failed merger.

Spirit Airlines on Friday again extended a deadline with its credit card processor to renegotiate more than $1 billion in debt.

Spirit Airlines said on Friday it has reached an agreement with its credit card processor to extend a debt refinancing deadline by two months until Dec. 23.

Shares of Spirit Airlines (SAVE) are up 30% afterhours at $1.92 as the company states in an 8-K filing: “As previously disclosed, on May 21, 2009, Spirit Airlines, Inc. entered into a Signatory Agreement with U.