Just months after emerging from Chapter 11 bankruptcy, Spirit Airlines is warning about its ability to stay in business.

Spirit Airlines, which emerged from bankruptcy protection earlier this year, enacted a series of cost-cutting measures.

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.