Spirit Airlines has been cleared to transfer two gates at Chicago O'Hare International Airport (ORD) over to American Airlines for the price of $30 million as part of cash-raising initiatives under its latest bankruptcy plan. The airline has decided that it no longer requires all four of its preferred gates at ORD, handing two over to American while retaining access to the other two.

Since entering bankruptcy protection for the second time, Spirit has been on a cost-cutting rampage, exiting over a dozen airports and rejecting leases for around 80 aircraft. Meanwhile, American Airlines has been eager to expand its presence at Chicago O'Hare as it looks to make the airport its third-largest hub.

Spirit's $30 Million Chicago O'Hare Gate Sale

As first reported by Reuters, a judge

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