Spirit Airlines on Brink of Shutdown

0:00It's May 2. From your city to your ears, this is Canada News Today, powered by AI. Spirit Airlines is teetering on the edge of a total shutdown after Friday passed without the government bailout. It desperately needed. The budget carrier's cash crunch has put its entire operation at risk with no lifeline in sight to keep flights running. President Trump's administration floated a final proposal Friday for a taxpayer fund to take over, aiming to rescue the airline from collapse. But talks broke down, leaving the future wide open and uncertainty hanging heavy. The airline's been battered since the COVID pandemic hit, racking up more than $2.5 billion in losses since early 2020. Rising costs in mounting debt forced it into Chapter 11 bankruptcy in November 2024 and again in August 2025. Sources close to the situation say, preparations are underway for a possible shutdown as soon as Saturday, though Spirit and the White House haven't. Comments had yet, with

1:01$8.1 billion in debts against $8.6 billion in assets, options are running thin. This saga could strand thousands of passengers in reshaped cheap air travel. Stay tuned as the story unfolds.