Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Monday, May 4. In today's briefing, we detail how the government's plan to bail out Spirit Airlines fell apart in the face of internal administration divisions and creditor opposition, plus what it means for airline travellers and competitors. 

How the Spirit rescue unraveled. Talks led by Commerce Secretary Howard Lutnick couldn’t get bondholders and the government aligned. The collapse of the effort spelled the final chapter for a company that helped pioneer the ultradiscount model in the U.S.

• Spirit’s CEO on the Airline’s Last Days
• What to Do If You Had Spirit Tickets
• Spirit Passengers Rush to Find New Flights
• Fuel-Price Crunch Is Hurting Other Airlines Too

The backlash to private-equity investment in law has already begun. Lawmakers in three states are considering bills to make it harder for buyout firms and other corporate investors to buy law practices, a burgeoning investment strategy that was long off limits for private equity.

Ares raises record $30 billion. Ares Management reported higher revenue and said it achieved record first-quarter fundraising. The fundraising tally included $9.5 billion of new capital for the firm’s U.S. direct-lending business, of which $5.9 billion was raised by its business-development companies.

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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