Budget carrier Spirit Airlines has warned that it could soon go out of business unless it successfully implements a number of major changes.

Spirit emerged from Chapter 11 bankruptcy in March. However, in a filing this week with the Securities and Exchange Commission, the company said there was "substantial doubt" as to whether it could survive for another 12 months unless it raised more cash.

When approached by Newsweek for comment, Spirit declined to provide further information beyond what was included in the filing. However, the company shared an internal email from CEO Dave Davis in which he outlined changes being made at Spirit and promised to "transform and protect this critical business."

Why It Matters

Spirit Airlines has long been considered a troubled carrier , amid y

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