In an effort to financially rebound, Spirit Airlines plans to cut jobs and sell some of its fleet.
The Broward-based budget airline has lost more than $2.5 billion since the start of 2020 and faces more than $1 billion in mounting debt.
The airline says it has identified about $80 million of cost-cutting measures set to begin next year — driven primarily by layoffs. Spirit has also agreed to sell 23 airplanes to an aviation services company for about $519 million.
Spirit has two months to refinance about $1 billion dollars of debt.
Spirit stock is down 90% so far this year as investors increasingly worry the carrier may declare bankruptcy. The total stock value of the company is $161 million as of the close of trading Friday. It owes more than $3 billion in debt.
READ MORE: Spirit Airlines has more time to refinance its loans as it borrows more money
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