Spirit Airlines nears deal with Trump administration for $500 million rescue package [MSNBC.com]
JP Morgan Chase & Co. (JPM)
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Source: MSNBC.com
The Trump administration on Wednesday neared a rescue deal for struggling Spirit Airlines, in a rare move to support a single air carrier.The deal, which has not yet been finalized, would offer $500 million to the discount airline, according to a person familiar with the matter. It would give the airline additional liquidity as it works toward emerging from bankruptcy and grapples with elevated fuel costs due to the war with Iran.The deal would also aim to create a durable well-funded airline. After Spirit emerges from bankruptcy, the U.S. government could own up to 90% of the airline, the source also said. A White House official said details are still being negotiated and could change. The president would be expected to announce any deal."The Trump administration continues to monitor the situation and overall health of the U.S. aviation industry that millions of Americans rely on every day for essential travel and their livelihoods," White House spokesman Kush Desai said in a stateme
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