Spirit AirlinesNYSE: SAVE

Spirit Airlines is working from a position of weakness, and the risk is very high for investors that put money into the stock.

Spirit Airlines will furlough about 330 pilots on Jan. 31, 2025, a company spokesperson told Reuters.

Spirit Airlines announced in a regulatory filing this week that it agreed to sell some of its planes and plans to cut its workforce as it seeks to raise cash.

The company served up another glimmer of hope that it can navigate its way out of its current mess.

Spirit may have staved off bankruptcy, at least for the moment.

Spirit Airlines plans to cut jobs, sell planes and shrink its footprint next year. The budget carrier is struggling from the fallout of a scuttled acquisition, an engine recall and an oversupplied U.S. market

On Thursday, Spirit Airlines unveiled plans to cut costs and raise cash amid bankruptcy reports. Its stock rose after it said it would sell $519 million of Airbus jets and cut staff.

Spirit Airlines (SAVE) shares are surging 12% in premarket trading Friday after the discount carrier said it plans to cut jobs and sell some planes as it tries to shore up its finances.

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.