Spirit Airlines Inc.’s shares soared the most in 13 years of trading after the carrier secured more time to address a troublesome debt load that has raised the prospect of bankruptcy.

Key Takeaways Spirit Airlines shares surged higher Monday morning as the carrier said it extended a deadline for debt refinancing with Visa and Mastercard.The discount airline also said it has used all of a $300 million revolving credit line,

Shares of Spirit Airlines surged as much as 46% on Monday after the ultra low-cost carrier reached a deal with its credit card processor to extend a debt refinancing deadline by two months until Dec.