The low-cost airline’s stock has rallied in recent weeks after the company reportedly considered bankruptcy.
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.Key Facts
Spirit’s shares increased to over $2.90 as of around 12:30 p.m. EDT, the highest value reached by the stock since Aug. 19 ($2.91).
The company disclosed in a Securities and Exchange Commission filing late Thursday it would sell 23 of its older Airbus aircraft starting this month, which Spirit estimates will bring in about $519 million.
