Spirit Airlines preparing to cease operations, report says

Spirit Airlines is preparing to cease operations, according to a report Friday morning in the Wall Street Journal.

The ailing budget airline had been hoping to finalize a $500 million lifeline from the government before running out of cash, the paper said.

Last month, The Associated Press reported that President Donald Trump suggested that the federal government could help keep the struggling airline afloat, while also encouraging a buyer to step in and rescue the budget carrier.

This is a developing story. Check back for updates.