By Doyinsola Oladipo

NEW YORK (Reuters) -The unions representing Spirit Airlines pilots and flight attendants said on Tuesday that they have reached an agreement with the company for pay and benefits cuts as the carrier tries to rein in costs as part of its ongoing Chapter 11 restructuring process.

The amended collective bargaining agreements, which are subject to member and court approval, include snapbacks timed for when the ultra-low-cost-carrier expects to be profitable again. Spirit filed for bankruptcy for the second time in a year in August; it said it expects to report losses until 2027.

The Air Line Pilots Association said it has agreed to Spirit’s plans to reduce hourly pay by 8% and slash its retirement account contributions by half from 16% to 8%. The amended collective barg

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