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Spirit Airlines prepares to shut down after a rescue deal falls apart.

Plus, President Trump threatens to raise tariffs on autos from the European Union.

And a new law in Illinois banning some credit card fees has banks up in arms.

This opens up the possibility of other state legislation that could more significantly impede their ability to collect fees.

It's Friday, May 1st.

I'm Alex O'Seuf for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that move the world today.

First up, Spirit Airlines is preparing to end operations. After spending much of the past year and a half in Chapter 11, Spirit had been hoping to finalize a $500 million

lifeline from the government before running out of cash. The journal has learned that that bailout has

fizzled. Now the airline is preparing to shut down. The journal has learned that that bailout has fizzled.

Now the airline is preparing to shut down. I'm joined now by WSJ reporter, Alison Sider.

Allison, what happened to the bailout plan?

The rescue that spirit and the government and its bondholders have been talking about for the last

couple of weeks, some of its bondholders dug in their heels against the deal,

convinced that it was not going to be the best outcome for them. There was disagreement within

the Trump administration. Our understanding is that those talks are over, and as a result,

Spirit is going to shut down. We should note that Trump told reporters at the White House today that

though he'd like to have the chance to save Spirit's jobs, he would only agree to a deal with the company if it was, quote, a good deal.

Now we're reporting that Spirit is expected to end its operation Saturday in the early morning hours around 3 a.m. Eastern.

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