Spirit Airlines is preparing to cease operations, the Wall Street Journal reported on Friday.
The newspaper said a proposed $500 million federal bailout won't happen because Spirit could not get sufficient support from the airline's bondholders and the Trump administration.
Spirit would have received $500 million in exchange for warrants to purchase up to 90% of the airline, the WSJ reported, but not all Spirit bondholders were on board with the deal. The newspaper also said there were disagreements in the Trump administration about how to fund a bailout.
The pressure on Spirit to secure a rescue package had intensified with the sharp rise in jet fuel prices.