Spirit Airlines transfers Chicago airport gates to American Airlines for $30 million

Reuters12-09 04:18

<a href="https://laohu8.com/S/SAVE">Spirit Airlines</a> transfers Chicago airport gates to American Airlines for $30 million

NEW YORK, Dec 8 (Reuters) - Spirit Aviation FLYYQ.PK will transfer two airport gates to American Airlines AAL.O for $30 million after a judge at the U.S. Bankruptcy Court for the Southern District of New York approved the company's request on Monday.

In August, Spirit filed for bankruptcy for a second time as it grappled with dwindling cash reserves and mounting losses. The company has already exited 14 airports and rejected leases for over 80 aircraft.

As part of its network optimization, Spirit determined it no longer needs all four preferential gates at Chicago O'Hare International Airport and will retain two gates while assigning two gates to American Airlines.

Spirit had approximately 32 departures from O’Hare on peak days, which have since halved, according to a November court filing.

The price of $15 million per gate was considered to be reasonable between the two parties based on current market conditions and "lengthy, good-faith" negotiations, a court filing said.

(Reporting by Doyinsola Oladipo in New York; Editing by Aurora Ellis)

((doyinsola.oladipo@thomsonreuters.com; +1 8623846440))

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