Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Friday, April 24. In today's briefing, an arbitrage trade is fueling the rush to the exits in private-credit funds, recent data-center funding deals are testing Wall Street's seemingly bottomless appetite for AI-related investment, and the president seemed to endorse a government buyout of Spirit Airlines.

The arbitrage trade making the private-credit exodus worse. Not every private-credit investor pulling their money is doing so out of fear. Some are simply shifting cash from one kind of debt fund to another, seeking to arbitrage a pricing difference in traded and nontraded lending funds.

Trump on Spirit Airlines: ‘I think we’d just buy it.’ President Trump said that the U.S. government could take over Spirit Airlines, the ailing budget carrier that has been negotiating this week for a federal bailout.

Spirit said it is grateful for the president’s support, and looked forward to finding a solution that protects the jobs of its employees and ensures competition and affordable airfare.

The eight-figure talent race for Supreme Court lawyers. Law firms are fighting over star Supreme Court litigators, dangling $10 million-plus compensation to lure lawyers who bring a special kind of prestige even in an era where corporate dealmakers drive the bottom line.

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Alexander Gladstone; Jodi Xu Klein; Akiko Matsuda; Alicia McElhaney; Andrew Scurria; Becky Yerak. 

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