Spirit Airlines is preparing to file for bankruptcy protection after merger talks with Frontier Airlines broke down, the Wall Street Journal reported, citing people familiar with the matter. Shares of the company were down 39% at $1.8 after the bell. The stock has fallen nearly 80% this year, while the S&P 500 passenger airlines index jumped 52%.

Spirit Airlines, a popular choice for low-cost airfare, may be heading for bankruptcy. The company is expected to file for bankruptcy protection in the near future after a possible merge with Frontier Airlines fell through,

Spirit Airlines is reportedly planning to file for bankruptcy following the collapse of a proposed merger with Frontier Airlines that sent its stock into rapid decline.

In a shocking turn of events, Spirit Airlines is reportedly preparing to file for Chapter 11 bankruptcy protection. This news comes on the heels

Spirit Airlines stock (SAVE) plunged 59% on Wednesday as the budget airline explores a deal with creditors to restructure its debt amid a reported threat of bankruptcy after merger talks with Frontier (ULCC) collapsed.

The Miramar, Florida-based discount airline is expected to file for bankruptcy protection from its debts in as little as 10 days or within weeks, sources familiar with the matter confirmed to CBS News. The Wall Street Journal first reported the looming bankruptcy filing.

The budget airline, which is reportedly on the brink of bankruptcy after its merger talks with Frontier collapsed, is known for being…well, not necessarily the gold standard of air travel. But if you’re traveling light (a checked bag will cost you) and willing to contort your body into a vanishingly small amount of cabin space,