Struggling Spirit Airlines is looking to a private equity deal as a possible way to avoid another bankruptcy, according to reports.

The budget airline is in talks with Castlelake, a global investment firm, about a potential takeover that could give the carrier much-needed financial support as it faces ongoing losses and weak travel demand.

Spirit's situation has become serious after years of financial trouble. The airline has already gone through two bankruptcy filings within a single year, highlighting just how hard it has been to stay afloat in a very competitive industry.

A deal with Castlelake, which manages about $33 billion in assets, could........

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