Spirit Airlines is currently undergoing its second Chapter 11 bankruptcy restructuring in less than a year, primarily due to high operational costs and decreased demand, which resulted in over $250 million in losses. In a recent court hearing, the airline's restructuring lawyer announced that Spirit has secured up to $475 million in debtor-in-possession financing, allowing it to continue operations during bankruptcy proceedings. Additionally, Spirit has reached an agreement with aircraft lessor AerCap for $150 million. The airline is also planning to cut 40 routes and furlough about one-third of its flight attendants as part of its cost-reduction strategy. Spirit's CEO expressed optimism about the restructuring efforts, emphasizing the importance of stakeholder support. The airline is also in discussions with its pilots' union to achieve further cost savings. If approved, the financing will provide immediate liquidity to help stabilize operations.