A group of holdout creditors doomed Spirit Airlines’ government bailout, according to government officials and other people familiar with the matter. 

Ares, Citadel, and distressed-debt specialist Cyrus were among the senior most Spirit creditors that remained steadfastly opposed to a government deal that would see their repayment dinged or vanish — and which possessed rejection rights they threatened to exercise, according to the people. Their resistance stemmed from the fact that they had invested hundreds of millions of dollars apiece into Spirit’s most senior debt — debt which, under typical circumstances, would make them first in line to be made whole.

Spirit had three main creditor groups, two of which were willing to play ball with the Trump administration, Semafor previously reported — due to the fact that they were going to get almost nothing out of a Chapter 11 restructuring.

Spirit is now likely bound for a Chapter 7 liquidation, where the company’s assets would be sold off to satisfy its debts in order of seniority — with repayment starting at the top of the stack, with the holdouts. The Wall Street Journal reported earlier Friday that Spirit is preparing to cease operations.

“We’re looking at Spirit and we’ll help them if we can but we have to come first. America comes first,” President Donald Trump said on Friday afternoon.

A Spirit spokesperson said the airline was operating as usual and declined to comment on ongoing discussions. A spokesperson for the creditor group also declined to comment.