(Bloomberg) -- Spirit Airlines Inc. tumbled again as investors took little solace from a pledge by the airline to strengthen its balance sheet in the wake of a failed takeover of the deep-discount carrier.

The stock has sunk more than 70% since a judicial ruling on Jan. 16 blocking JetBlue Airways Corp.’s $3.8 billion purchase of Spirit. The shares fell 25% to $4.62 as of 1:38 p.m. Thursday in New York after declining as much as 34% — the third straight drop since the court decision and fifth overall.

The continued declines come even as the carrier issued a statement saying it was disappointed by the verdict but expressed confidence in its strength and strategy. “Spirit has been taking, and will continue to take, prudent steps to ensure the strength of its balance sheet and ongoing operations,” it said.

Spirit has taken some actions along those lines, including pacing the cadence of new aircraft deliveries through 2030 and slowing near-term growth in capacity. It’s also looking into ways to cut $100 million in structural costs this year.

The Wall Street Journal reported the company is considering restructuring options to address its financial challenges following the collapse of its deal with JetBlue, citing people familiar with the matter.

Citi downgraded Spirit to “sell” from “neutral,” noting other suitors for the airline may balk at a debt load that has jumped over the past two years from $3.3 billion to $5.5 billion. 

“Although it would be hard to rule out entirely the appearance of other Spirit Airlines suitors, a new bid seems unlikely without the carrier first restructuring its debt,” Citi said in a research note by analysts led by Stephen Trent. 

JetBlue and Spirit have not disclosed any plans to appeal the ruling but have said they are evaluating their legal options.

--With assistance from Mary Schlangenstein and Peyton Forte.

(Updates shares from second paragraph; Adds report on potentential restructuring options.)

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