Spirit Airlines Secures Deal to Exit Bankruptcy and Avert Closure
The U.S. budget carrier has reached an agreement enabling it to emerge from bankruptcy, safeguarding continued operations after months of financial uncertainty.
Summary
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Terms & Concepts
Bankruptcy: A legal process allowing a business or individual to restructure debts and assets, often to avoid liquidation.
Restructuring Deal: An agreement that modifies financial or organizational structures to help a company recover from insolvency.