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

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 largest U.S. budget airline, Spirit Airlines, is allegedly contemplating bankruptcy. The Wall Street Journal reports that this development comes on the heels of failed merger talks with Frontier Airlines,

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,