Discount carrier Spirit Airlines is reportedly considering a Chapter 11 bankruptcy filing following its failed merger with JetBlue. The Wall Street Journal reports the airline has been in discussions with bondholders over the possible filing,

Shares of Spirit Airlines fell by over 30% on Friday, pacing the company’s worst loss since a merger with JetBlue Airways was blocked earlier this year, after reports indicated the low-cost airline was exploring bankruptcy. Spirit’s shares dropped to just over $1.50 as of around 9:50 a.m. Friday, following an earlier plunge in premarket trading.