Spirit Airlines shutting down after rescue talks collapse

spirit airlines is shutting down effective immediately after rescue talks with the trump administration collapsed. the budget carrier had been seeking a $500m bailout but the deal fell through, and the airline announced saturday it had started "an orderly wind-down of our operations." all upcoming spirit flights are cancelled. the airline says it will automatically refund tickets bought with credit or debit cards to the original form of payment. passengers who booked through a travel agent should contact them directly. compensation for bookings made with vouchers, credits or points will be determined later through bankruptcy court. spirit says it cannot reimburse for related costs like hotel stays or replacement flights. spirit was already in its second bankruptcy filing in recent years, and surging jet fuel costs — which can make up 40% of an airline's expenses — pushed it over the edge. analyst savanthi syth of raymond james called the fuel spike "the final nail in the coffin." trump told bbc partner cbs on friday the airline had been offered "a final proposal," but transportation secretary sean duffy said a rescue would be tossing "good money after bad."