BREAKING: Spirit Airlines is shutting down.



The $500 million government rescue deal has officially fallen apart. The discount carrier ran out of cash and could not get enough support from bondholders to finalize the government bailout.

This is the first major US airline to cease operations in decades.

Spirit had already filed for bankruptcy twice in less than a year. The Iran war doubled jet fuel costs and delivered the final blow. Spirit operated 19,575 flights last May.

Trump had personally offered to bail out or buy the airline, saying "I'd love to be able to save those jobs." The government proposed lending Spirit $500 million in exchange for 90% ownership of the company.

Bondholders refused to sign off and the deal collapsed.
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