Shares of Spirit Airlines plunged 37% to a record low on Friday after a report that the ultra low-cost carrier was discussing a potential bankruptcy filing. The airline has been losing money despite strong travel demand, raising doubts about its ability to manage looming debt maturities.

The stock crashed 34% to $1.39 in premarket trading, putting it on course to open at a record low. Even before Friday’s plunge, Spirit shares were down 86% for the year with inv

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,