Spirit Airlines is on the brink of shutting down after a $500 million government bailout deal fell apart, leaving the struggling budget airline with little cash and no clear way forward.
The airline had been hoping to secure the critical funding before running out of money, but disagreements between bondholders and the government have prevented the deal from going through. According to sources familiar with the situation, Spirit is now preparing to cease operations, with the final shutdown expected around 3 a.m. ET on Saturday.
As of now, the discount carrier has been unable to finalize a rescue plan, casting uncertainty over its future.
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