Spirit Airlines might not turn into Spirit Halloween after all.
Just a day after President Trump shared that he’d “love” for someone to step in and buy the struggling carrier, it looks like the federal government could do just that.
Reported by the Wall Street Journal and Bloomberg today, the White House and Spirit are in substantial talks to help rescue the ailing airline. Offering the company a $500 million loan, the influx of financial support would aim to keep Spirit in the air while it navigates its second bankruptcy filing in as many years.
In exchange for the loan, the Trump administration would receive warrants to purchase up to 90% of the airline once it emerges from bankruptcy, a person familiar told Bloomberg.
Though negotiations remain fluid, the WSJ revealed that heads of both the Commerce and Transportation Departments met with Trump last night to discuss terms of the package.
So far, the news has done wonders for Spirit’s stock. After climbing 140% yesterday on Trump’s comments alone, shares soared an additional 150% today as news of the talks broke.
📸 : Getty
Spirit Airlines might not turn into Spirit Halloween after all.
Just a day after President Trump shared that he’d “love” for someone to step in and buy the struggling carrier, it looks like the federal government could do just that.
Reported by the Wall Street Journal and Bloomberg today, the White House and Spirit are in substantial talks to help rescue the ailing airline. Offering the company a $500 million loan, the influx of financial support would aim to keep Spirit in the air while it navigates its second bankruptcy filing in as many years.
In exchange for the loan, the Trump administration would receive warrants to purchase up to 90% of the airline once it emerges from bankruptcy, a person familiar told Bloomberg.
Though negotiations remain fluid, the WSJ revealed that heads of both the Commerce and Transportation Departments met with Trump last night to discuss terms of the package.
So far, the news has done wonders for Spirit’s stock. After climbing 140% yesterday on Trump’s comments alone, shares soared an additional 150% today as news of the talks broke.
📸 : Getty
