07:28 AM EST, 11/13/2024 (MT Newswires) -- Spirit Airlines ( SAVE ) may seek bankruptcy protection after merger discussions with Frontier Group Holdings ( ULCC ) fell apart, multiple media reports said late Tuesday.

Spirit said in its filing late Tuesday that it was unable to submit its Q3 earnings report, citing efforts to restructure obligations have diverted time and resources from the company's processes for reviewing and completing its financial statements.

The company earlier said negotiations with a supermajority of holders of its notes due 2025 and 2026 noteholders were progressing and could soon lead to a restructuring agreement.

It added that an agreement is expected to lead to the cancellation of Spirit's existing equity, butif talks fall through, the company will explore other options.

Representatives for Spirit and Frontier did not immediately respond to MT Newswires' request for comment.