Spirit Airlines baggage tags are seen near a check-in counter at the Austin-Bergstrom International Airport on April 10, 2024 in Austin, Texas. Spirit Airlines shares surged after the struggling budget carrier said it would cut jobs and sell aircraft. The carrier late Thursday laid out a plan to reduce costs and raise cash by selling 23 older Airbus aircraft. That sale will bring in $519 million, Spirit said in a securities filing. It also said it will reduce costs by about $80 million, mostly through job c ...

On Thursday, Spirit Airlines unveiled plans to cut costs and raise cash amid bankruptcy reports.Its stock rose after it said it would sell $519 million of Airbus jets and cut staff.Spirit has faced challenges since its proposed merger with JetBlue was called off in March. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a ...

KEY TAKEAWAYSSpirit Airlines shares are surging 12% in premarket trading Friday after the discount carrier said it plans to cut jobs and sell some planes as it tries to shore up its finances.The company said that as part of its plans "to return to profitability," it has identified around $80 million in cost cuts that it plans to start implementing early next year. Spirit also said it had entered into a deal to sell 23 A320ceo/A321ceo aircraft for around $519 million to aircraft-maintenance and component ser ...

Transportation stocks typically indicate the economy's current state, while airline stocks gauge the consumer cycle's direction instead. Recently, shares of Spirit Airlines Inc. NYSE: SAVE have nearly doubled after the company struck a new deal to help keep its debt burden flexible ahead of bond maturities in 2025.The stock market was excited about giving the airline more breathing room. Still, is that pivot in the company's capital structure enough to keep the momentum going and give Spirit Airlines clear ...

The company is reportedly back in merger talks with Frontier.Merger talks between Frontier Group Holdings (ULCC 0.67%) and Spirit Airlines (SAVE 43.55%) are reportedly heating up again, and investors are excited about the possibility.Shares of Spirit soared as much as 50% at the open on Wednesday and traded up about 40% as of 11 a.m. ET.Third time's the charm?The future of Spirit Airlines has been up in the air for some time now. In 2022, the airline agreed to combine with Frontier but JetBlue Airways stepp ...

Spirit Airlines shares soared by as much as 65% on Monday after the budget airline struck a deal to extend its debt refinancing plan by two months. The agreement with US Bank National Association to push the deadline — which was set to expire Monday — until Dec. 21 provides some wiggle room for Spirit to refinance its $1.1 billion loyalty bonds due to mature next year. The Florida-based airline said it has fully drawn down its $300 million revolving credit facility and expects to end the year with more than ...

The troubled airline has more time to work out its debt issues.Spirit Airlines (SAVE 57.48%) has secured more time to work out its debt burden, easing near-term bankruptcy fears. The stock took off on the news, trading up as much as 73% on Monday morning and up 58% as of 1 p.m. ET.A big December deadlineSpirit has been flying through significant headwinds this year. In January, the airline's planned sale to JetBlue Airways was blocked on competition concerns. And Spirit's efforts to fly solo have been hinde ...

ToplineSpirit Airlines’ stock swelled by 60% on Monday, on track for the low-cost airline’s best day since going public, after the carrier announced an extension to refinance its debt while temporarily avoiding the threat of bankruptcy.The budget airline fell to a new record earlier this month as it reportedly considered bankruptcy.GC Images Key FactsSpirit’s shares increased to over $2.30 as of around 1:15 p.m., pacing the stock’s best day since a 37% spike on March 24, 2020. On Friday, Spirit disclosed a ...

Key TakeawaysSpirit Airlines shares surged higher Monday morning as the carrier said it extended a deadline for debt refinancing with Visa and Mastercard.The discount airline also said it has used all of a $300 million revolving credit line, and expects to have about $1 billion of liquidity by the end of 2024.Shares were up nearly 40% in premarket trading, but already lost nearly 90% of their value since the start of the year. Spirit Airlines (SAVE) shares jumped nearly 40% in premarket trading Monday as ma ...

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport in Austin, Texas, on Feb. 12, 2024. Spirit Airlines shares closed at a fresh low on Friday ahead of a looming deadline to refinance more than $1.1 billion in debt. The airline's stock closed down roughly 3%, at less than $1.50 per share. The budget carrier had extended that deadline with credit card processor U.S. Bank to Monday, from a previous date in September. The Miramar, Florida-b ...