Spirit Airlines to cease operating: report

Spirit Airlines is preparing to shut down after a failed effort to get federal money to get the commercial airline in operation, according to a news report Friday. 

The discount carrier was hoping to finalize a $500 million bailout from the federal government, the Wall Street Journal reported. The Trump administration had been hesitant to fund a bailout, and Spirit bondholders argued it would hurt them economically. 

Combined with the lack of funding and rising fuel costs, the airline is running out of cash. Now, the airline is looking to end operations and liquidate its fleet, the Journal reported, citing unnamed sources.