U.S. no-frills pioneer Spirit Airlines filed for bankruptcy protection on Friday for the second time in a year after a previous reorganization failed to put it on firmer financial footing.

The Florida-based carrier, which emerged from its first bankruptcy in March, has been grappling with dwindling cash and mounting losses.

In the three months to end-June it reported a net loss of about $246 million. Faced with a cash crunch, the company said last week it borrowed the entire $275 million available under its revolving credit facility.

Spirit's Chapter 11 filing was widely expected after it issued a warning earlier this month that it might not continue to operate if its financial results failed to improve rapidly.

"Since emerging from our previous restructuring, which was targeted exclus

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