Spirit Given A Lifeline? $475 Million In Funding Could Be On Its Way

Spirit Airlines (NYSE: SAVE), which is currently in its second Chapter 11 bankruptcy of the year, has secured agreements for up to $475 million in financing from bondholders and $150 million from Irish leasing giant AerCap (with the latter still subject to court approval). The carrier gained $120 million in immediate liquidity via cash-collateral usage. In order to cut costs after more than $250 million in losses between March and June, Spirit Airlines will cut 40 routes and furlough around a third of its cabin crew staff.