Spirit Airlines could shut down as soon as Saturday
CBS News • • business
Key Points:
- Spirit Airlines announced early Saturday that it has begun winding down operations and is canceling all flights after failing to secure a $500 million federal bailout.
- Negotiations stalled due to bondholders rejecting the bailout terms, and no last-minute government intervention is expected, according to sources familiar with the discussions.
- President Trump indicated willingness to consider a bailout only if the deal is favorable, but no final decision was made before the shutdown announcement.
- The airline's cash reserves were projected to last only a few days, prompting the urgent need for financial aid to continue operations.
- Spirit Airlines serves over 40 U.S. cities and international destinations in Central and South America, with its main hub at Fort Lauderdale-Hollywood International Airport.
