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Trump Says Spirit Airlines Rescue Still In Review, Final Proposal Coming
Spirit Airlines is reportedly preparing to cease operations soon. This comes as The Wall Street Journal reported the bankrupt airline was preparing to shutter operations. The company had been hoping to finalize a $500 million lifeline from the Trump administration. President Trump commented that he gave Spirit a final proposal. He stated the U.S. is still looking at Spirit and trying to help them, citing jobs. Trump indicated he would have something to announce on Spirit's situation today or tomorrow. The airline has not been able to secure sufficient support from bondholders and the government. Earlier news had raised hopes for a rescue deal of up to $500 million. This potential deal could have left the federal government with 90% control. Prediction markets show low odds for the U.S. taking a stake or Spirit avoiding shutdown by May 31.
