There is no incentive for the lender to do a refinance. The lender has investors who are expecting that money and they have a fiduciary obligation to their clients over Spirit. Any refinance they did would be ridicoulously costly and just stave off BK for a short period of time.

Spirit can't raise money in the capital markets and they can't raise through a share offering. NK is in a tough position unfortunately.

Also the CEO has to say they aren't considering BK because if they said they did the number of people booking away or canceling would end the airline.