Low-cost US carrier Spirit Airlines said on Saturday that all of its flights have been cancelled as it started an "orderly wind-down of operations," after a potential White House bailout fell through.

"Spirit Aviation Holdings, Inc., parent company of Spirit Airlines... today regretfully announced that the Company has started an orderly wind-down of operations, effective immediately. All Spirit flights have been cancelled, and Spirit Guests should not go to the airport," the airline said in a press release in the early hours of Saturday.

Source: AFP