#1Spirit Airlines Shuts Down After $500M Federal Bailout Collapses
Spirit Airlines abruptly ceased all operations at 2 a.m. Friday, canceling 277 flights and stranding tens of thousands of passengers after a last-ditch $500 million federal bailout fell apart. The 34-year-old budget carrier becomes the first major U.S. airline to shut down in nearly 25 years, putting roughly 17,000 employees out of work. American Airlines has rolled out "rescue fares" on overlapping routes and passengers will receive automatic refunds.