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 is facing an Oct. 21 deadline with its credit card processor to renegotiate more than $1 billion in debt. Spirit shares are down more than 90% so far this year. The carrier has furloughed pilots,

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. The extension agreement with U.S. Bank National Association provides some breathing room to Spirit to refinance its $1.