"We remain hard at work on many initiatives to protect our unique franchise," CEO Dave Davis said in an email to employees.

Spirit Airlines CEO Kris Van Cleave is speaking out following reports that the budget-friendly airline may go out of business within the next 12 months. The sound for alarm started after the company filed paperwork with the Securities and Exchange Commission (SEC) relaying that "there is substantial doubt as to our ability to continue as a going concern within 12 months from the date these financial statements are issued.

Spirit Airlines has a grim outlook for its future. The airline said it may not be able to operate if its financial outlook doesn’t get better.

After cutting its debt during restructuring, Spirit has tried to attract bookings by marketing more upscale products and looking for new ways to cut costs.

Without a cash boost, the budget airline’s comeback could stall out. Spirit Airlines can’t seem to reach its cruising altitude. The budget airline issued a warning late Monday that if it doesn’t find an infusion of cash,