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.

The airline will also seek out $100 million in pilot concessions, after having already drawn its $275 million revolver. The airline plans on rejecting 27 Airbus leases (25 of which are tied to groundings related to the GTF engine) and will further decline 12 airport l

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