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Spirit Airlines returned to bankruptcy court to begin the formal process of dismantling its operations, marking what CNBC describes as the biggest airline collapse in a generation. The wind-down process is expected to span several months. No acquirer or restructuring plan has been confirmed at this stage.

Spirit Airlines has officially shut down, ceasing operations before dawn on Saturday, marking the end of the carrier's run as the most prominent U.S. discount airline. The CEO attributed the collapse to the company running out of financial runway. The shutdown follows the airline's previously reported financial struggles and bankruptcy proceedings.

Spirit Airlines is reported to be at risk of an imminent overnight shutdown, according to CNBC. The article focuses on guidance for ticketed travelers in the event the carrier ceases operations. Spirit previously filed for bankruptcy, and this report suggests the airline may be approaching a final collapse.

President Trump stated that the government has made a "final" bailout proposal for Spirit Airlines, but talks with bondholders have not yet produced a deal. The airline faces the prospect of liquidation if an agreement cannot be reached. The situation remains unresolved, with no confirmed outcome as of the report.