Spirit Aviation Holdings Inc. is set to commence an orderly liquidation procedure to sell off its assets, marking the conclusion for the low-cost carrier which has filed for bankruptcy twice in recent years and failed to secure a last-minute government bailout.

The company submitted a motion on Monday to begin the liquidation process, following a complete halt of its passenger flight operations early Saturday. It also sought to amend the terms of its bankruptcy loan to secure necessary funding for the sale of assets, including aircraft, spare engines, and parts.

After reaching an agreement with creditors to reduce billions of dollars in debt and lease obligations, the airline had originally planned to emerge from bankruptcy this summer. However, its financial condition deteriorated significantly due to soaring fuel costs triggered by conflict in the Middle East.

The Trump administration had previously proposed a bailout package, but the plan ultimately fell through amid opposition from a group of creditors and even some Republican figures. In a declaration filed on Monday, Spirit's Chief Financial Officer Fred Cromer stated that the company was informed late last week that the potential financing was "no longer a viable option."

Cromer noted that with cash rapidly depleting, the decision was made on Friday to proceed with liquidation.

To facilitate the process, the company plans to retain approximately 150 employees initially, with a reduction to around 40 staff members expected within several months. Spirit reported that it had over 11,200 employees when it filed for bankruptcy protection last August.