Spirit Airlines’ shares plummeted on Friday following reports from The Wall Street Journal about the airline negotiating with bondholders and creditors regarding a potential bankruptcy filing.

This comes after Spirit’s $3.8 billion merger with JetBlue Airways fell through in March due to regulatory hurdles.

CEO Ted Christie acknowledged the company’s ongoing discussions to address upcoming debt maturities, as Spirit’s total debt reaches $3.3 billion, Fox Business has reported.

In July, the airline launched new offerings aimed at enhancing customer experience, but reported a 10.6% decline in revenue year-over-year and a widening net loss of $192.9 million for the second quarter.

Written by B.C. Begley