Hippocrates, the ancient Greek physician, is credited for first using the expression "desperate times call for desperate measures," and those words still hold true for Spirit Airlines (SAVE) . The struggling airline announced a series of drastic steps in an Oct.

Frontier Airlines is revisiting a potential merger with Spirit (SAVE). Read why the acquisition price will likely be much lower than previous offers.

The carriers have held early-stage deal discussions, as Spirit continues negotiations with bondholders over possible bankruptcy terms.