Spirit Airlines CEO expects budget airline to exit its second bankruptcy process by this summer

Spirit Airlines’ parent company says it expects to exit Chapter 11 bankruptcy in the late spring or early summer, after striking a preliminary deal with its lenders and secured creditors that provides the support needed to finish its restructuring.

The early-stage agreement would help Spirit finalize changes to its fleet, route network and cost structure as it works toward emerging as “a new Spirit” — a smaller, leaner carrier still focused on offering low fares but with more options...