Spirit Airlines is reportedly considering bankruptcy protection. That's likely to mean flying fewer routes, allowing competitors to raise prices.

Spirit Airlines Inc.’s stock cratered 55% Wednesday, on track for its biggest-ever one-day decline, after the company warned that its equity would be wiped out as part of a restructuring deal that it’s currently negotiating with its creditors.

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