Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Thursday, April 23. In today's briefing, new regulatory scrutiny on private credit, a bankrupt R.T. Vanderbilt unit won approval for a key intercompany deal, and Spirit Airlines is nearing a government deal. 

U.S. officials try to get a grip on private-credit risks. While regulators have been watching for risks stemming from the private-credit industry for years, they are now ramping up inquiries just as angsty investors head for the exits. The Securities and Exchange Commission in recent months has opened several enforcement investigations of large private-credit managers, according to people familiar with the matter, and the Treasury Department and bank regulators have also stepped up their scrutiny of direct lending.

The ruling by Judge Wendy Kinsella of the U.S. Bankruptcy Court in Syracuse, N.Y. comes after she disqualified Vanderbilt Minerals’ previous legal counsel Jones Day last week over the law firm's past work for the parent. Vanderbilt said Latham & Watkins will replace Jones Day, pending the court’s approval.

Trump administration nears rescue for Spirit Airlines. The Trump administration is nearing a rescue deal for Spirit Airlines, which is struggling to survive during a run-up in jet fuel prices.

The U.S. government would loan the embattled discount carrier as much as $500 million, receiving in return warrants to take a potential significant stake in Spirit. A rescue deal for Spirit, known for its bright yellow planes and cut-rate fares, would expand a series of private-sector investments that Trump has overseen in his second term.

• Inside the White House Deliberations Over Rescuing Spirit Airlines

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