Spirit Airlines is exploring a path forward, including a merger or sale, as it seeks to conserve cash and stabilize its business following two Chapter 11 bankruptcy filings in less than a year. The airline is in talks with alternative investment firm Castlelake over a potential takeover, according to CNBC. Spirit has cut capacity, reduced its fleet, and laid off employees in an effort to conserve cash. Pilots have agreed to pay concessions totaling about $100 million as part of the restructuring efforts. AeroTime reports that Spirit may pursue a sale to Castlelake instead of a merger with Frontier Airlines, despite renewed talks in recent months.