Spirit Air Surges on Agreement Extending Crucial Debt Deadline

Spirit Airlines Inc.’s shares soared after the struggling carrier reached an agreement with US Bank National Association extending a key deadline to restructure debt.

The discount airline now has until Dec. 23 to extend or refinance its 2025 bonds to maintain its credit-card processing agreement with the bank, according to a regulatory filing late Friday. Spirit previously was facing a deadline of Oct. 21.

Spirit also said it borrowed all of the $300 million available under a revolving credit line. The company still expects to end the year with more than $1 billion of liquidity.

The refinancing deadline has ...