Spirit Airlines announced that it will sell multiple aircraft and lay off workers as the beleaguered carrier tries to raise cash. In a filing on Thursday with the Securities and Exchange Commission (SEC), the ultra-low-cost carrier, whose plan to merge with JetBlue was blocked by regulators this year, said it identified approximately $80 million in annualized cost reductions that it plans to implement next year. These cost reductions will primarily result from "a reduction in workforce commensurate with the ...

The company served up another glimmer of hope that it can navigate its way out of its current mess. Just when it looks like the stock's rally is out of fuel, Spirit Airlines (SAVE 16.48%) finds a way to send its shares even higher. Today's near-20% jump is being driven by another round of news that the struggling airline may yet find a way to sidestep a potential bankruptcy. Another step in the right direction It's been a storied week for the company to say the least. Last Friday its credit card processor ( ...

Topline Spirit Airlines announced in a regulatory filing it would sell some of its older planes and eliminate jobs to reduce costs, causing shares of the budget airline—which dropped after reports the company was considering bankruptcy—to surge 20% on Friday for the stock's latest rally. The low-cost airline's stock has rallied in recent weeks after the company reportedly considered ... [+] bankruptcy. Copyright 2021 The Associated Press. All rights reserved. Key Facts Spirit's shares increased to over $2.9 ...

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 ...

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 ...