Yikes! That looks like a very advanced stage of root rot. I would cut off the spike (put it in a vase and it will last for weeks). I would then unpot the plant and give it a good inspection. If the roots are all brown and mushy, cut them off with sterile scissors. If they are firm and white, tan or slightly brown leave them on. If you end up with very few viable roots you will need to do the sphag n bag treatment. Put the whole plant in a plastic bag with some damp sphag and spritz with KLN water. Seal the bag, put it in a warm spot, but lower light. Open the bag once a day for air exchange. Eventually you will see new root growth beginning. This can be a long process so be patient.