Spirit Airlines (SAVE) announced it was delaying delivery of jets and furloughin♔g pilots in cost-cutting moves, sending🍸 shares of the troubled carrier higher on Monday. 

Spirit said that it had reached an agreement with Europe’s Airbus to “defer a𝓰ll aircraft on order that are scheduled to be delivered in the second quarter of 2025 through the end of 2026 to 2030-2031.” It added that the decision would “improve Spirit’s liquidity position by approximately $340 million over the next two years.”

Spirit explained that, because of the deferrals and problems already with deliveries of Airbus A320neo jets 澳洲幸运5官方开奖结果体彩网:owing to an engine issue, the company would be furlough𝓀ing about 260 pilots as of September 1.

The airline's chief executive officer, Ted Christie, called the revised agreement with Airbus an important part of Spirit’s plan to “bolster profitability and strengthen our balance sheet.” He said the deal gives the airline “ the opportunity to reset the business and focus on the core airline while we adjust to changes in the competitive environment.”

Asღ for the job reductions, Christie told the staff in a memo that while the steps weren’tꦿ the ones the company wanted to take, they were necessary to ensure a strong and profitable future.

Earlier this year, JetBlue (JBLU) and Spirit called off a $3.8 billion 澳洲幸运5官方开奖结果体彩网:proposed merger after regulators blocked the deal. The deal, sea༒led between the carriers in mid-2022, would have created the 5th-largest airline in the U.S.

Spirit shares were up 4.5% at $4.63 at around 1:00 p.m. ET. Despite today’s gains, the stock has lost 70% of its value so far in 2024.