Spirit Airlines Secures $300 Million Loan, Extends Debt Refinancing Deadline

The airline's stock surged after extending its debt refinancing deadline to December, though bankruptcy concerns persist.

Spirit Airlines borrowed $300 million from a revolving credit facility to improve its cash position amid financial struggles.
The airline successfully extended the deadline to refinance $1.1 billion in debt to December 23, 2024.
Spirit shares rose by over 40% in pre-market trading following the announcement, despite a 90% drop in stock value this year.
Concerns about a potential bankruptcy remain, especially after a blocked merger with JetBlue and ongoing financial losses.
The company plans to end 2024 with over $1 billion in liquidity, while continuing efforts to restructure and cut costs.