Spirit Airlines announced that it has voluntarily filed for Chapter 11 bankruptcy -- marking the second time the budget airline has filed for bankruptcy in less than a year.

"Since emerging from our previous restructuring, which was targeted exclusively on reducing Spirit's funded debt and raising equity capital, it has become clear that there is much more work to be done and many more tools are available to best position Spirit for the future," Spirit President and Chief Executive Officer Dave Davis said in a statement on Friday. "After thoroughly evaluating our options and considering recent events and the market pressures facing our industry, our Board of Directors decided that a court-supervised process is the best path forward to make the changes needed to ensure our long-term succes

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