Spirit Airlines is about to close its doors. What travelers need to know

Spirit Airlines could close as early as 3 a.m. ET on Saturday, according to people familiar with the matter. The carrier has failed to secure a financial lifeline to continue operations, although it has not commented on the potential shutdown or its plans.

Around 290 Spirit flights are planned for Saturday, according to the aviation site Flightradar24. Another 381 are planned for Sunday.

Travelers with Spirit tickets might be understandably shaken. Although some U.S. airlines have closed in recent years, the budget airline is larger than most recent airline bankruptcies and connects major cities like New York, Miami, Detroit and Los Angles – and many others in between – with its Airbus planes.

Here’s what travelers need to know:

Immediately? Nothing.

Travelers who booked on a Spirit flight, as this CNBC reporter will later this month, are likely to receive a refund if they purchased tickets with a credit card.

However, if the ticket was purchased with a debit card or with loyalty points, the chances of recovering the funds are slim to none, said Henry Harteveldt, founder of Atmosphere Research Group, a travel consulting firm.

“If you have a reservation for a flight on Spirit, don’t proactively cancel it. Wait until the airline announces it’s closing,” he said.

Don’t count on it.

Spirit declined to comment on a possible shutdown. If it confirms the end of operations, the carrier will most likely have information on its website about travelers’ next steps.

Harteveldt said travelers should not go to the airport expecting to find Spirit staff in case the airline ceases operations. Call centers risk being overwhelmed if they are always staffed.

This could leave passengers with fewer answers than they would like, but other airlines are likely to help affected customers.

Airlines offering last-minute fares, likely with discounts, will be offered to travelers at airport ticket counters.

United Airlines, JetBlue Airways, Border Airlines And American airlines are among the carriers that have said they are ready to help Spirit customers and crews in the event of the carrier’s closure.

This could involve scheduling additional flights to transport stranded passengers, as is done during a hurricane or other natural disaster.

Spirit, known for its bright yellow planes, low fares and fees for everything else, has been successful for years, but this week it is on the brink of liquidation after failing to reach an agreement with bondholders for a $500 million bailout from the Trump administration.

Last year, Spirit filed for its second bankruptcy in less than a year, although it had already experienced numerous problems before then.

A proposed acquisition by JetBlue has been blocked. Rising costs have disrupted its business model. An engine fault grounded dozens of its planes. And, more broadly, premium travel has become more popular with consumers, generating profits for airlines.

At the same time, large traditional airlines were selling their own basic economy fares similar to those offered by Spirit, but with larger networks.

Airlines have added flights since Spirit filed for bankruptcy last year on some of its routes and at major airports. It is likely that they will continue to do so.

Experts said they expect rates to rise, at least in some markets, if the discounter disappears, even though the carrier has shrunk significantly.