07:07 AM EST, 11/14/2024 (MT Newswires) -- (Updates with Spirit Airlines' ( SAVE ) response in the sixth paragraph)

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, but if talks fall through, the company will explore other options.

Frontier declined to comment when contacted by MT Newswires.

Representative of Spirit said the negotiations with a supermajority of holders will have no impact on guests, who can continue to fly and book exactly as they currently do.