10:52 AM EDT, 10/25/2024 (MT Newswires) -- Spirit Airlines ( SAVE ) shares rose past 24% in recent Friday trading after the company said in an 8-K regulatory filing it plans to reduce its workforce and sell some aircraft in 2025.

The airline said in the filing it signed a binding term sheet with GA Telesis to sell 23 A320ceo/A321ceo aircraft for about $519 million. The aircraft are planned for delivery beginning in October through February 2025. The company expects the net proceeds from the sale and paying off aircraft-related debt will improve its liquidity by about $225 million by the end of 2025.

The company said it plans to implement about $80 million in annual cost reductions starting in early 2025 as part of its "return to profitability" strategy. These cuts will mainly come from reducing the workforce in line with the expected flight volume, the company said, though it didn't provide any further details.

In line with earlier guidance, the Company expects to finish 2024 with over $1.0 billion in liquidity, it added.

Price: 3.01, Change: +0.59, Percent Change: +24.34