On August 29, Spirit Airlines filed for bankruptcy for the second time in less than a year. The ultra-low-cost carrier had only exited Chapter 11 in March and was aiming to stabilize its finances. However, the recovery never materialized as excess seat capacity and weaker leisure demand pushed down fares and squeezed margins. The filing itself, though, was ultimately set off by an “unexpected” move from AerCap , the world’s largest aircraft lessor.

The company terminated lease agreements for dozens of future Airbus A320neo family aircraft and declared defaults on 37 jets already in service. With access to such a large portion of its fleet suddenly at risk, Spirit had little choice but to seek court protection again. That leaves a question: what happens next with its next-generat

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