Earlier today, Spirit Airlines’ stock soared after the airline extended its debt refinancing late last week.

A glimpse of hope

Following rumors that Spirit Airlines
might be going bankrupt, the ultra-low-cost carrier has been given a lifeline. On Friday, the airline submitted a filing that said it was able to extend the deadline for some of its debt payments. According to the New York Post, the agreement was reached with the US Bank National Association.

The plan’s deadline would have been today, after an extension from September. However, the airline was able to secure another extension, pushing its deadline to December 23. In addition to extending its deadline, Spirit borrowed $300 million from a credit line and now predicts it will end the year with about $1 billion in liquidity.

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Photo: Spirit Airlines

Because Spirit was able to extend this deadline, its stocks soared by as much as 73% in the morning. By the end of the day, Spirit’s stocks closed at a 53% increase. Despite this day to day increase, the airline’s stocks are down nearly 90% this year, following a failed merger with JetBlue and issues with its Pratt & Whitney engines.

Recent Spirit Airlines news

A few weeks ago, Spirit began a new route from Fort Lauderdale Hollywood International Airport (FLL). On October 10, the airline began flying to Birmingham-Shuttlesworth International Airport (BHM) daily, becoming the only airline to connect the two cities. Through the new service, passengers can take advantage of Spirit’s network and make one-stop connections to more than two dozen destinations.

“The launch of our inaugural service in Alabama is a game-changing opportunity for Birmingham travelers looking for low-fare, nonstop flights to South Florida. Our Magic City Guests will enjoy Spirit’s newly enhanced experience on their journey to the famous beaches of Fort Lauderdale, with new travel options ranging from our economical Go and Go Savvy to our premium Go Comfy and Go Big.” – John Kirby, Vice President of Network Planning, Spirit Airlines

Flights are operating on the following schedule:

Origin

Destination

Departure

Arrival

Fort Lauderdale

Birmingham

13:30

14:15

Birmingham

Fort Lauderdale

15:10

17:55

Spirit released a new PiNK uniform collection in October in honor of Breast Cancer Awareness Month. The capital NK at the end of the name is in honor of the airline’s code. Pink accents are featured on dresses, cardigans, long and short-sleeve shirts, and accessories. These accessories include scarves, ties, belts, pins, and socks.

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Photo: Spirit Airlines

Spirit’s employees responded very well, with the new items selling out in less than 24 hours after launch. For every sale from the PiNK collection, Spirit is donating to BRCAStrong, a nonprofit that supports the fight against breast cancer.

In addition to the new uniform collection, Spirit sponsors the 2024 Miami International Airport Runway 5K, which supports the American Cancer Society’s Making Strides Against Breast Cancer campaign.

“Every opportunity to raise awareness makes a difference in the lives of so many of our Guests, Spirit Family Members, and communities. With the debut of our PiNK Collection this year, we’re taking our support to the next level.” – Dana Shapir Alviene, Senior Vice President of Inflight and Airport Experience, Spirit Airlines

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