Spirit may have staved off bankruptcy, at least for the moment. Shares of discount airline Spirit Airlines (SAVE 22.76%) rocketed 105.4% higher through Friday trading at 10:30 a.m. ET, according to data from S&P Global Market Intelligence. Spirit's equity had become distressed after a difficult operational year and after a federal judge blocked its merger with JetBlue in January. With a key deadline looming last week, Spirit announced an extension to refinance its 2025 bonds. Additionally, news of a potenti ...

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 ...

Core Viewpoint - Spirit Airlines shares surged by up to 65% following a two-month extension of its debt refinancing plan, providing the airline with additional time to manage its $1.1 billion loyalty bonds due next year [1][2]. Financial Situation - Spirit Airlines has fully utilized its $300 million revolving credit facility and anticipates ending the year with over $1 billion in liquidity [1]. - Despite the recent share price increase, Spirit's stock is down nearly 90% year-to-date, contrasting with a 33% increase in the S&P 500 Passenger Airlines index during the same period [3]. Operational Challenges - The airline has struggled to compete in a crowded market as travel demand surged post-pandemic, compounded by the collapse of its $3.8 billion merger with JetBlue Airways due to an antitrust lawsuit [2][3]. - Spirit has not turned a profit in five of the last six quarters, prompting the introduction of premium seating options and enhanced passenger benefits to attract customers [3]. Cost-Cutting Measures - The company plans to cut costs by downgrading approximately 100 captains, offering unpaid voluntary leave to flight attendants, and pausing the hiring and training of new pilots and flight attendants [3]. - Spirit previously announced plans to furlough about 240 pilots and delay Airbus deliveries [4]. Industry Context - The airline industry is facing oversupply issues, particularly during busy travel seasons, which has affected Spirit's competitive position [3]. - Spirit was significantly impacted by an RTX engine defect that required the grounding of flights, further exacerbating its financial difficulties [5].

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 ...

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 ...

Frankie Muniz travels comfy with Spirit's blocked middle seat Spirit giving away 10 pairs of Go Comfy tickets in #NotInTheMiddle social media giveaway DANIA BEACH, Fla., Oct. 17, 2024 /PRNewswire/ -- Spirit Airlines' (NYSE: SAVE) newest ad takes flight with actor Frankie Muniz, best known for his iconic role as the middle child in a beloved sitcom that aired in the early 2000s. Muniz is decidedly #NotInTheMiddle in Spirit's playful new ad in which he enjoys the extra elbow room of Spirit's Go Comfy travel o ...