After failing to achieve a bailout or any kind of relief agreement with the Trump Administration, Spirit Airlines, one of America’s most well known ultra low-cost airlines which has been operating since 1990, is expected to cease all operations in roughly three hours, as early as 3:00AM ET on Saturday, people familiar with the matter tell CNBC.

U.S. President Donald J. Trump has announced that, at the request of Pakistan and other countries, and because of the military success achieved during the previous strike campaign against Iran, Project Freedom, the recently announced operation by the U.S. Navy to escort commercial ships through the Strait of Hormuz, will be paused indefinitely to allow for a potential agreement to be finalized and signed by Iran and the United States.

According to Axios, citing officials and others with knowledge on the matter, the U.S. and Iran are close to reaching an agreement centered on a one-page memorandum of understanding. Per the report, the U.S. is waiting on Iranian responses to several points of contention, including a moratorium on enrichment and the freedom of passage through the Strait of Hormuz, in the next 48 hours. If Iran were to agree to a moratorium on enrichment, the U.S. is reportedly willing to release some Iranian frozen funds. However, per U.S. officials, U.S. President Donald J. Trump will likely only make a decision to end the U.S. blockade of the Strait of Hormuz if talks realize tangible progress.

U.S.-Iran Potential MOU Continued:
In addition to the previously reported points on the potential U.S.-Iran Memorandum of Understanding (MOU), the MOU would reportedly include 14 points, including declaring an end to the conflict in the Middle East, the announcement of a 30-day period to negotiate the Strait of Hormuz and Iranian enrichment, and the gradual lifting of both nations’ restrictions on the strait as talks progress. Sources told Axios that the U.S. is looking to add a provision where an Iranian disregard or violation of agreements on enrichment, which includes a cap at 3.67%, would extend the moratorium. Additionally, on enrichment, sources also told Axios that Iran may be willing to move previously enriched material from the country, with a proposal for the U.S. to take possession of it being discussed.

Following reports from Axios that the U.S. and Iran may be close to agreeing to a 14-point memorandum of understanding, U.S. President Donald J. Trump has said that should Iran fail to agree to a deal, combat operations against Iran will resume at a significantly increased tempo.

According to Iranian news outlets, Iran has received a revised U.S. proposal via Pakistani mediators and is currently reviewing it. This follows the announcement that the U.S. will suspend the Hormuz passage framework , Project Freedom,” to allow for progress to be made in the ongoing U.S.-Pakistan-Iran negotiations.

Following the establishment of the "Persian Gulf Strait Authority" by the Islamic Republic of Iran yesterday, which requires advanced coordination with Iran for any ships to transit the strait, along with paying a toll, the Islamic Revolutionary Guard Corps-Navy has thanked shipping captains and owners for their "cooperation in transiting the Strait of Hormuz in accordance with Iranian regulations."

Ted Turner, the TV mogul who founded CNN in 1980 has died at the age of 87.