Spirit Airlines reaches agreement with creditors, expected to break free from bankruptcy crisis

Gelonghui February 25 | According to The Wall Street Journal, Spirit Airlines has reached an agreement with its lenders to end its bankruptcy process by early summer, with a scaled-down but still independent company. Under the agreement, Spirit expects to reduce its annual fleet costs by over $550 million, more than 65% below its pre-bankruptcy level. The company re-entered bankruptcy court last August, and within less than a year, its previous Chapter 11 restructuring failed to address the financial challenges posed by its low-cost operating model.