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’ shares plunged more than 50% in early trading Wednesday, following a report that it is preparing to file bankruptcy — and the company’s announcement that it won’t report quarterly financial results because it’s scrambling to reach a deal with creditors.

Spirit Airlines' stock plunged 59% on Wednesday as the budget airline worked with creditors to restructure debt amid reports the company could file for bankruptcy protection within the next few weeks.

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,