Spirit Airlines has secured a crucial $475 million deal from several creditors as it enters its second Chapter 11 bankruptcy filling, a move aimed at positioning a future for the commercial airline.

The South Florida based airline is also in a $150 million agreement with AerCap Ireland which is one of companies from which the airline leases its aircraft.

In an effort to reduce operational cost, the settlement will end leases on nearly 30 planes.

After a bidding war in 2022, JetBlue Airways was set to buy Spirit for a whooping $3.8 billion after Spirit’s attempt to merge with rival discount carrier Frontier Airlines failed.

The deal with JetBlue had the potential of increasing competition for the U.S. airline industry, but ultimately it fell apart after a federal judge blocked the buyou

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