Spirit Airlines appears to be moving closer to a potential shutdown as time runs out for a government bailout. The U.S. President recently hinted at a bailout after the airline entered bankruptcy proceedings for the second time in less than two years. Soaring jet fuel prices, exacerbated by the Iran war, are cited as a primary factor in the company's financial distress.

The U.S. President floated the idea of a bailout last week after the airline found itself in bankruptcy proceedings for the second time in less than two years with jet fuel prices soaring because of the Iran war