Spirit Airlines’ dramatic overhaul of its operations could well end with a sale or merger with another carrier, according to a recent regulatory filing.

While outlining the sweeping restructuring measures it has undertaken since filing a second Chapter 11 bankruptcy petition in less than a year, the airline has acknowledged holding talks with would-be suitors. The discussions have come as management has engaged in an aggressive transformation of Spirit’s route system, fleet, work force and passenger amenities, while taking stock of various assets that could be sold.

“The value maximizing outcome may be a merger or sale of the company; Spirit is actively working to explore all potential opportunities,” according to the mid-October filing with the Securities and Exchange Commission. “T

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