Alex Ossola

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.

It's Friday, May 1st.

I'm Alex Oseleff 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.

I'm joined now by WSJ reporter Allison Sider.

Allison, what happened to the bailout plan?

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 operations Saturday in the early morning hours around 3 a.m.

Eastern.

How do you expect the airline industry to respond?

That was Journal reporter Allison Sider.

Thanks, Allison.

Thanks so much for having me.

President Trump said today that the U.S.