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President Donald Trump said on Friday that the U.S. gave Spirit Airlines a final bailout proposal to aid the beleaguered carrier.
Trump said, “We’re driving a tough deal,” and that “if we could do it, we’d do it. But only if it’s a good deal.” He also said an announcement would be coming soon.
The budget airline most recently sought a lifeline from the U.S. government to the tune of $500 million. The Wall Street Journal reported on Friday that the airline is preparing to end operations after a deal could not be reached between certain bondholders and the government.
Sources later said the administration had proposed $500 million in financing in exchange for warrants equivalent to 90% of Spirit’s equity.
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There had been disagreements inside the Trump administration over whether and how to fund the bailout, the report said, citing people familiar with the matter.
Not all Spirit bondholders were on board with the deal, the report added.
Trump previously said he was interested in helping the airline.
“If we could get it for the right price, I’d do it to save the jobs,” he said during an event at the Oval Office last week.
Reuters contributed to this report.
