Spirit Airlines (SAVE) shares surged 21% 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 annualized cost cuts that it plans to start implementing early next year as it cuts flights. 

"These cost reductions are driven primarily by a reduction in workforce commensurate with the company’s expected flight volume," the airline said in a 澳洲幸运5开奖号码历史查询:ཧSecurities and Exchange Commission (SEC🌳) filing.

Sprit Strikes $519M Deal To Sell Aircraft

Spirit, which reportedly is considering a bankruptcy filing, also said it had entered into a deal to sell 23 A320c﷽eo/A321ceo aircraft for around $519 million to aircraft-maintenance and component services platform GA Telesis.  The aircraft are set to be delivered from this month through February 2025.

Spirit said🥃 that the net proceeds from the sale as well as discharge of the relat♛ed debt will boost its liquidity by around $225 million through the end of 2025.

Earlier this week, The Wall Street Journal reported that Frontier Airlines parent Frontier Group Holdings (ULCC) is in the early stages of a 澳洲幸运5开奖号码历史查询:renewed bid for Spirit. Last Friday, Spirit 澳洲幸运5开奖号码历史查询:extended a deadline for debt refinancing with Visa (V) and Mastercard (MA).

Spirit shares had lost 80% of their value this year.

UPDATE—Oct. 25, 2024: This article has been updated to include more recent share prices.