Key Takeaways Shares of discount airlines Frontier Group Holdings and JetBlue soared on a report that rival Spirit Airlines is holding discussions about a possible bankruptcy.The Wall Street Journal said Spirit is holding talks with bondholders and other creditors about a Chapter 11 filing.

Spirit shares took a nosedive on news of a possible bankruptcy filing. The budget carrier and its bondholders have discussed a potential Chapter 11 filing after its failed merger with JetBlue Airways,

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.