In a shocking turn of events, Spirit Airlines is reportedly preparing to file for Chapter 11 bankruptcy protection. This news comes on the heels

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.

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.

It turns out that Boeing’s huge layoff plans were not just a strike threat. Spirit Airlines can’t put out an earnings report that might show investors how close it is to bankruptcy. Rich people take private flights like the rest of us take taxis.