The bondholders who provided Spirit’s bankruptcy financing had little reason to accept a federal bailout that placed the government ahead of them in priority. Spirit is going to continue to lose money. They have no credible plan to stop losing money. The assets that are left (like gates in Fort Lauderdale, gates and slots at LaGuardia, access to Newark) would wind up being used to pay back the government, rather than the creditors. Those who have put money into Spirit are better off liquidating assets now, to partially recover their funds, rather than later when (1) Spirit would have lost more, and (2) they’d be lower priority in any recovery. Citadel Americas, Cyrus Capital and Ares Management can’t agree to the terms of the government bailout. Citadel countered in a way unacceptable to the government. With no bankruptcy hearing this week, it appears that talks have failed. Spirit previously said they would run out of cash that they could access around today.…