Nobody should be surprised to hear that Spirit has once again filed for Chapter 11 bankruptcy protection — unless the surprise was that it wasn’t a Chapter 7 liquidation. With that level of cash, Spirit decided it had enough to file for bankruptcy protection and keep operating without requiring debtor-in-possession financing from the outside. On August 25, AerCap says that Spirit was in default, and AerCap was terminating the leases. Spirit says it disagrees that it was in default, but going into bankruptcy protection will give time to sort that out. So, now back in the comfy womb of bankruptcy protection, Spirit says it has a four-part plan.