BOSTON - A popular airline that flies out of Boston's Logan Airport is looking at a future that's in jeopardy. Revenue down. CBS News sources said Spirit Airlines is preparing to

Spirit Airlines’ shares plunged more than 50% in early trading Wednesday, following a report that it is preparing to file bankruptcy — and the company’s announcement that it won’t report quarterly financial results because it’s scrambling to reach a deal with creditors.

The report from the Wall Street Journal sent Spirit Airlines’ stock tumbling more than 60% Wednesday. The Westmoreland County Airport Authority said they’ve been in talks with other airlines for several months. “Nobody wants to make a move until they see what spirit is going to do,” Monzo told Channel 11′s Andrew Havranek.

The Miramar, Florida-based discount airline is expected to file for bankruptcy protection from its debts in as little as 10 days or within weeks, sources familiar with the matter confirmed to CBS News. The Wall Street Journal first reported the looming bankruptcy filing.

Spirit Airlines stock dropped more than 50% on Wednesday upon news the company may file for bankruptcy. The Wall Street Journal reported on Tuesday that Spirit is preparing to file for bankruptcy after merger talks with Frontier Airlines fell through.

The embattled discount airline is in rough financial shape, with shares falling 64% in premarket trading on Wednesday. Here’s the latest. Shares in Spirit Airlines (NYSE: SAVE) are trading down over 64% in premarket as of this writing.

Spirit Airlines, a popular choice for low-cost airfare, may be heading for bankruptcy after a possible merger with Frontier Airlines fell through.