Is this it? Spirit is preparing to shut down, reports say

Spirit Airlines is preparing to shut down, according to reports from the Wall Street Journal, Bloomberg and the New York Times.

The airline, which was first reported to be considering liquidation several weeks ago, had hoped to secure a $500 million bailout from the U.S. government before running out of cash. Talks have reportedly stalled, however, with some of the creditors from Spirit's current bankruptcy opposing the terms of the bailout, which could have seen the government owning a sizable equity stake in the airline.

It was not immediately clear what timeline Spirit is considering for shutting down. As of Friday afternoon, the airline was still operating its normal schedule.

This is a breaking story and will be updated.

Related: Spirit could shut down: here's what travelers should know

Related reading:

• When is the best time to book flights for the cheapest airfare?
• The best airline credit cards
• What exactly are airline miles, anyway?
• 6 real-life strategies you can use when your flight is canceled or delayed
• Maximize your airfare: The best credit cards for booking flights
• The best credit cards to reach elite status
• What are points and miles worth? TPG's monthly valuations

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.