The future of Spirit Airlines hangs in the balance this week as President Donald Trump suggests the government may bail out the struggling low-cost carrier, and its creditors are evaluating a potential deal.

　　“We’re thinking about doing that, helping them, meaning bailing them out, or buying it,” Trump told reporters in the Oval Office on Thursday.

　　“I really want to save those jobs. I really want to save an airline. I like airlines more so that there’s competition,” Trump said.

　　The White House and major bondholders either did not immediately comment or declined to comment.

　　Trump told reporters that the government could “sell [Spirit] Oil Company to make a profit” when oil prices fall.

　　Spirit Airlines had expected to emerge from bankruptcy by mid-year, but that came before the U.S.-Israeli attacks on Iran caused jet fuel prices to soar. According to a court filing, Spirit Airlines suffered an operating loss of nearly $28.3 million in February, even before the surge in fuel prices hit the airline and passengers’ wallets.

　　Spirit Airlines, the iconic low-cost carrier known for its bright yellow planes and rudimentary service, has struggled to survive, its meager offerings once the subject of late-night talk show jokes. Following the COVID-19 pandemic, costs in the airline industry skyrocketed as consumer tastes shifted towards more upscale services and broader international routes.

　　Spirit Airlines drastically cut costs, selling aircraft and shrinking its route network. According to data from aviation data company Cirium, Spirit operated 19,575 flights last May. This May, its flight count plummeted to just 9,353.

　　The Biden administration successfully challenged JetBlue's planned acquisition of Spirit, with the Trump administration claiming the move would harm Spirit's interests.

　　A White House spokesperson stated via email: "Spirit's financial position would be much stronger if the Biden administration hadn't recklessly blocked the merger with JetBlue. The Trump administration will continue to closely monitor the state of the U.S. airline industry and its overall health, with millions of Americans relying on it daily for essential travel and livelihoods."

　　Will others follow suit? Some industry insiders and analysts have suggested that other airlines, particularly low-cost carriers, could seek similar government assistance.

　　According to sources familiar with the matter who spoke to CNBC, low-cost carriers met with Transportation Secretary Sean Duffy earlier this week to discuss the current surge in fuel costs.

　　The Trump administration has taken stakes in companies it considers of national security interest, and while many companies, from automakers to banks to the entire airline industry, have received government bailouts in the past, it is extremely rare for the government to bail out a single company.

　　Delta Air Lines and United Airlines account for a large portion of the U.S. airline industry's profits. These airlines have spent years and billions of dollars successfully attracting a less price-sensitive customer base willing to pay higher prices for more spacious seats, other benefits, and extensive international routes. Many other airlines, including Spirit Airlines, have been struggling to catch up in recent years.

　　"We want to know if a potential deal with Spirit will be a last resort for other struggling airlines," Barclays analyst Brandon Oglensky said in a report Thursday.

　　Potential Deal: According to sources familiar with the matter who spoke to CNBC, a preliminary agreement would involve the government receiving a $500 million loan and potentially acquiring a 90% stake in the Florida-based airline. These sources also indicated that the potential plan would give the government priority among other investors. They requested anonymity to discuss specific terms.

　　Based on comments made in court on Thursday, a U.S. bankruptcy court could hold a hearing as early as Monday to discuss a potential deal.

　　Akin's lawyer, Mike Stamer, representing bondholders in the bankruptcy case, confirmed in court Thursday, "We did receive a copy of the term sheet for a potential U.S. government loan deal," indicating that negotiations are progressing well.

　　A person familiar with the potential terms told CNBC that the agreement would also allow the U.S. government to select a board member.

　　Spirit Airlines' union is also actively pushing for a deal.

　　“Any talk of liquidating Spirit Airlines will only harm employees and passengers and further exacerbate financial pressures,” the Association of Flight Attendants-CWA said Thursday. “This approach is both unnecessary and malicious—a little help could prevent even greater losses.”

　　Spirit’s lawyer, Marshall Huebner of the law firm Davis Polk, said in bankruptcy court Thursday that the loan would help Spirit return to “independent operation” but could also prepare for a potential merger.

　　However, acquisition talks have failed before, most recently with Frontier Airlines. Frontier Airlines initially planned to merge with Spirit, but JetBlue unexpectedly made an all-cash offer.

　　Conor Cunningham, an airline analyst at Melius Research, said Spirit’s challenges may not be over.

　　“How far does he actually want to go?” he said, referring to Trump and a potential bailout deal. “$500 million might not be enough.”

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