Spirit Airlines disclosed it is in talks with its creditors for a restructuring deal, hours after it was reported that the company’s merger talks with rival low-cost carrier Frontier had fallen through.

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.

Spirit Airlines stock tumbled in premarket trading Wednesday following a report that said the ultra-low-cost carrier was preparing to file for bankruptcy protection.The filing could come within weeks,