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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 is anticipated to reduce Spirit’s debt and aircraft lease obligations from $7.4bn to about $2.1bn, the company said in a press release. The deal is supported by senior noteholders and lenders financing the airline’s bankruptcy.If the restructuring transaction is completed as planned, Spirit will emerge from bankruptcy later this year with a “dramatically improved balance sheet,” Huebner said during Tuesday’s hearing.The proposed restructuring will also allow Spirit to “consider future industry transactions” once it leaves Chapter 11, Huebner said. Before filing its first bankruptcy, Spirit agreed to be acquired by JetBlue Airways Corp but a federal judge blocked the tie-up in 2024 on antitrust grounds.“In order for us to be good consolidation partners we need to be a profitable standalone airline. When we achieve that, we will be looking around for strategic opportunities in the business,” Chief Executive Officer Dave Davis said in an interview with Bloomberg.The company said it will continue negotiating with creditors as it advances its proposed restructuring plan and will attempt to secure additional cost savings with the help of legal tools it has available in Chapter 11.Spirit had more than 200 Airbus SE aircraft at the time it filed Chapter 11, according to court documents. Spirit has been shrinking its fleet and plans to remove from operation another 15 to 20 aircraft in mid-April, with another cut at the end of the US summer. The size of the final reduction has not yet been determined, said Davis.The carrier also said it would ramp up flying during busy periods and reduce off-peak flying to match consumer demand, and expand its premium economy offerings and co-branded programmes.The company sought Chapter 11 protection in August for the second time in less than a year after an earlier bankruptcy that cut debt from its balance sheet failed to turn around the business.Spirit has said it will use its second bankruptcy to reduce its operating costs and recently struck an agreement to sell 20 Airbus aircraft for at least $533.5mn.The Florida-based airline has been taking steps to reduce labor costs as part of the restructuring. In November, Spirit announced 150 job cuts across corporate and operational roles. Last year, it furloughed roughly 1,800 flight attendants and at least 270 pilots. 

Qatar is drafting new legislations, including an updated public–private partnership law, a foreign investment law and a bankruptcy law, to strengthen the legal framework and also help the private sector, which otherwise has been saving QR100mn annually through various industrial incentives.This was disclosed by Mohammed bin Hassan al-Malki, Undersecretary of the Ministry of Commerce and Industry, at the first Public–Private Sector Dialogue Forum, which sought to tackle key challenges, develop practical solutions and initiatives, and strengthen cooperation between both sectors in support of Qatar’s economic development.Highlighting that business procedures have also been streamlined; he said investors now automatically receive a tax number upon issuance of a commercial registration, alongside approvals for labour recruitment.As much as 95% of services are available online via the single-window platform, and a new multilingual portal has been launched to serve both local and international investors, he said, adding foreign investors can now participate in more than 1,400 business activities.Further reforms include the removal of requirements to match commercial activities for imports and the adoption of a unified Gulf Cooperation Council or GCC customs tariff, reducing costs, broadening sourcing options, and eliminating shipment rejections due to licensing."Industrial incentives — such as reduced leasing rates for industrial, logistics, and commercial land —are saving the private sector more than QR100mn annually," according to him.In addition, environmental permit processes have been simplified for 90% of industrial activities, lowering costs, enhancing project feasibility, and supporting entrepreneurship in value-added sectors, he said, emphasising that the private sector is a key partner in Qatar’s development journey.The forum featured a panel discussion with al-Malki; Saeed bin Abdullah al-Suwaidi, Undersecretary of the Ministry of Justice; and Sheikha Najwa bint Abdulrahman al-Thani, Undersecretary of the Ministry of Labour.Stressing the ministry’s commitment to implementing a series of initiatives aimed at simplifying business establishment and operations while creating a more attractive investment climate; al-Malki said these initiatives include comprehensive company incorporation upon issuance of the commercial registration, which now automatically generates the company card and tax number, provides approvals for labour recruitment, and offers a commercial name reservation service.These measures have helped reduce establishment times, minimise the number of government entities to be approached, ensure compliance with trade name requirements in advance, and allow companies to track their incorporation applications, he said.Saleh Majid al-Khulaifi, Assistant Undersecretary for Industry and Business Development, delivered a presentation outlining the ministry’s main initiatives to strengthen partnership with the private sector. These include the creation of sectoral committees covering industry, trade, logistics, health, and technology, tasked with monitoring sector-specific challenges and proposing practical solutions.