The first ch11 was to wipe the shareholders and get control of the company in return for pushing back the due dates on the bonds.

The second ch11 if it happens will be to start dealing with other real problems like planes sitting around doing nothing.

As for another airline buying spirit as a whole, sure spirit comes with a ton of debt and that may be unfavorable. However, the folks in charge are the owners of that debt and I’m sure they could be convinced to convert that debt into shares of the buying airline. If they get enough stock they could easily cash out more than a yard sale of what’s left in Florida when all the jets go back to the lessors in a ch7