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Spirit Airlines Files for Chapter 11 Bankruptcy
Spirit Airlines has filed for bankruptcy protection.
No, this is not old news. WSJ reports that the budget carrier announced Friday that it has filed for bankruptcy for the second time in less than a year. The company had just gotten out of bankruptcy in March.
Spirit debtholders agreed in its previous bankruptcy, which began in November, to exchange debt for equity, but the carrier did not make any major changes to cut costs.
The airlines says that under this bankruptcy, it will reduce its network and shrink its fleet.
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