Spirit Airlines (NYSE: SAVE) has secured more time to work out its debt burden, easing near-term bankruptcy fears. The stock took off on the news, trading up as much as 73% on Monday morning and up 58% as of 1 p.m. ET.

A big December deadline

Spirit has been flying through significant headwinds this year. In January, the airline's planned sale to JetBlue Airways was blocked on competition concerns. And Spirit's efforts to fly solo have been hindered by an RTX engine issue that has grounded part of its fleet.

The airline had an Oct. 21 deadline to refinance or extend bonds or faced issues with its credit card processing agreement. If the card deal is halted Spirit would struggle to sell tickets, likely forcing a bankruptcy filing.

Late Friday, Spirit announced it had secured an extension until Dec. 23. Airline investors hope that the added time, coupled with lower fuel prices and a cash infusion from its revolving credit line, will allow Spirit to avoid landing in bankruptcy.

Is Spirit stock a buy?

Even with the Monday surge, Spirit shares are still more than 95% below their highs for the year. The good news is that means the stock likely has considerably more upside should it work out a deal. The bad news is the market is correctly judging the airline has not escaped the turbulence it faces.

Spirit's bank partners have every reason to want the status quo to continue, but the airline is flying against harsh economic headwinds and an uncertain economy. For investors who can stomach volatility, a speculative position in Spirit as part of a well-diversified portfolio might pay off big.

Just be sure to understand the risk that this goes to zero and keep your seat belt fastened at all times on this ride.

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