Spirit Airlines To Cut Jobs As It Plans To Reduce Capacity By 25% Amid Financial Woes: Report - Spirit Aviation Holdings (OTC:FLYYQ)

Group 1 - Spirit Airlines is planning to reduce its workforce and cut capacity by over 25% year-over-year due to ongoing financial difficulties [1][4] - CEO Dave Davis indicated that the company will focus on its strongest markets, which will lead to a more efficient airline and affect team sizes [2] - The airline is in discussions with labor unions regarding potential job cuts, with some pilots taking voluntary unpaid leave and others facing furloughs and demotions [3] Group 2 - Spirit Airlines has filed for bankruptcy for the second time this year, projecting a loss of $257 million in June and having maxed out its $275 million credit facility [4] - After emerging from its first bankruptcy in March, Spirit still carries approximately $2 billion in debt and aircraft leasing expenses [5]