FILE PHOTO: Spirit Airlines commercial airliners are shown at Las Vegas International Airport in Las Vegas, Nevada, U.S., February 8, 2024. REUTERS/Mike Blake/File Photo

(Reuters) -Spirit Airlines has engaged advisers to explore strategic options after its financial restructuring fell short of securing a sustainable future, the Wall Street Journal reported on Friday, citing sources.

The airline has enlisted financial adviser PJT Partners and is also working with consulting firms FTI and Seabury Airline Strategy Group, according to the report.

The budget airline did not immediately respond to a Reuters request for comment.

Spirit's future remains uncertain just months after emerging from bankruptcy, as the loss-making airline flagged fresh doubts about its ability to remain a going concern amid weak domestic demand and dwindling cash reserves.

Shares of Spirit Aviation Holdings, the parent company of Spirit Airlines, fell 14.6% to $1.40 in after-hours trading.

The airline, known for its bright yellow livery, filed for bankruptcy protection last November after years of losses, failed merger attempts and heavy debt.

It was the first major U.S. carrier to file for Chapter 11 since 2011 and emerged from bankruptcy in March following a court-approved restructuring backed by its creditors.

Ratings firm Moody's on Friday joined Fitch in downgrading the carrier further into the junk category, highlighting Dania Beach, Florida-based Spirit's "higher than expected cash burn" compared to earlier forecasts when the airline emerged from bankruptcy.

Fitch downgraded Spirit last week, citing a high likelihood of near-term default.

(Reporting by Abhinav Parmar in Bengaluru; Editing by Mohammed Safi Shamsi)