President Donald Trump said that the US government is thinking about taking over Spirit Airlines (NK, Fort Lauderdale International) and bailing out the ultra-low-cost carrier, the Wall Street Journal reported.

“We’re thinking about doing it, helping them out, meaning bailing them out or buying it. I think we’d just buy it,” he said, adding he would “love” to save the jobs at Spirit (which number over 11,000). “I’d love to be able to save an airline,” he explained.

The newspaper reported that Trump believes that Spirit’s aircraft and assets are “good” and that the government could sell the company for a profit when conditions allow.

Parent Spirit Aviation Holdings has confirmed it is in “very advanced discussions” with the US government on terms of a material financing package, Bloomberg reported. The Trump administration has proposed a deal for USD500 million of financing in exchange for warrants that could give the government the option to own as much as 90% of Spirit once it emerges from Chapter 11 bankruptcy, and help the carrier avoid liquidation.

The US government has reportedly hired law firm Kirkland & Ellis to advise on a rescue deal for Spirit. The firm is assisting in shaping the financing package.

The discussions between both parties come after Spirit missed an interest payment on some of its existing obligations, Bloomberg reported, quoting lawyers. A group of key Spirit bondholders said that they would back the talks with the government but that any financing must respect the existing rights of lenders, adding that they have so far been excluded from any of these talks. The bondholder group includes Citadel, Cyrus Capital, Arena Capital Advisors, and Ares Management Corp.

Prior to the US and Israel attack on Iran, which led to an increase in jet fuel prices globally, Spirit had lined up a plan to exit bankruptcy by this summer, with a fleet of 75 to 80 aircraft (down from over 210 at the start of its latest Chapter 11 filing).