The pilots of US-based air carrier Spirit Airlines have voted to ratify a restructuring agreement that trades short-term pain for the possibility of long-term survival. This deal, which was negotiated by the Air Line Pilots Association (ALPA) during Spirit's second Chapter 11 filing in a year, delivers temporary pay and retirement cuts while preserving the airline's core scheduling and quality-of-life rules.

In return, Spirit can gain the labor stability and cost savings that it needs in order to unlock key bankruptcy financing and reassure creditors that the ultra-low-cost carrier still has a fairly credible path forward. This vote does not fix Spirit's fragile balance sheet, but it does remove a major obstacle to any realistic rescue efforts today.

A Modification Of The Existing Co

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