Spirit says it is shutting down and ceasing operations immediately Spirit Airlines has operated for nearly 50 years, and its ultra-low-cost fares pushed prices down on many routes. Kevin Carter/Getty Images The ultra-low-cost airline announced it is shutting down after nearly 50 years. A proposed bailout fell through. The US government offered $500 million in exchange for a 90% stake. Spirit said it would automatically process refunds for flights bought with a credit or debit card. After two bankruptcies and a failed federal bailout, Spirit Airlines is out of moves. The ultra-low-cost airline announced early on Saturday that it is shutting down and ceasing operations immediately. "All Spirit flights are cancelled and customer service is no longer available," the airline said on its website. It said customers booked on flights should not go to the airport.…