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Spirit Airlines sells Chicago airport gates to American Airlines at a cost of $30 million

Spirit Aviation has agreed to transfer two airport gates for $30 million to American Airlines after a U.S. Bankruptcy Court judge for the Southern District of New York granted the company's Monday request.

Spirit filed for bankruptcy a second-time in August as it struggled to deal with its dwindling reserves of cash and increasing losses. The company has rejected over 80 leases and left 14 airports.

Spirit Airlines has decided to optimize its network and no longer need all four preferential gate at Chicago O'Hare International Airport. It will keep two gates, while American Airlines gets two gates.

According to a court filing in November, Spirit operated approximately 32 departures on peak days from O'Hare. Since then, the number has been halved.

A court filing stated that the price of $15 million for each gate was considered reasonable by both parties, based on market conditions and "lengthy good-faith negotiations". (Reporting and editing by Doyinsola Oladipo, New York)

(source: Reuters)