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.

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

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,