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Spirit's second bankruptcy filing indicates ongoing financial instability, negatively impacting investor confidence, similar to past airline bankruptcies like that of American Airlines in 2011.
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Spirit Airlines is progressing on its restructuring efforts, lawyer states. They secured $475 million in financing and $150 million from an aircraft lessor. Spirit filed for its second Chapter 11 bankruptcy in a year, incurring $250 million in losses. The airline will cut 40 routes and furlough a third of its attendants. Spirit plans to reject leases on 27 aircraft to reduce costs.
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