Spirit Strikes Deal With Noteholders to Exit Bankruptcy (2)

Spirit Aviation Holdings Inc. has struck an agreement with noteholders that will allow the US budget airline to exit bankruptcy later this year, capping a tumultuous period marked by strained finances and competitive pressure.

Spirit lawyer Marshall Huebner said during a New York court hearing on Tuesday that the company has reached a deal with a key creditor group on the terms of the Chapter 11 exit plan that will trim billions of dollars in debt and reduce the cost of its fleet.

The airline expects to emerge from bankruptcy in late spring or early summer, he said.

The restructuring ...