Investing.com -- Shares of JetBlue Airways rose 7.4% and Frontier Airlines climbed 8.8% around 11 a.m. Friday following a Wall Street Journal report that competitor Spirit Airlines is preparing to shut down operations.

The Wall Street Journal reported that Spirit Airlines' anticipated deal with the U.S. government to rescue the struggling carrier has collapsed. The report also indicated that the company's bondholders did not support the proposed rescue plan.