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,

The Wall Street Journal, citing anonymous sources, reported late Tuesday that the airline was discussing terms of a possible bankruptcy filing.

Stockholders in financially troubled Spirit Airlines, the South Florida-based discount carrier, would see their shares cancelled under a potential debt restructuring agreement that has been under