Shares of Spirit Airlines fell by over 30% on Friday, pacing the company’s worst loss since a merger with JetBlue Airways was blocked earlier this year, after reports indicated the low-cost airline was exploring bankruptcy. Spirit’s shares dropped to just over $1.50 as of around 9:50 a.m. Friday, following an earlier plunge in premarket trading.

Spirit Airlines shares are tumbling 40% in premarket trading Friday as the carrier reportedly is exploring a bankruptcy filing in the wake of its failed $3.8 billion merger with rival JetBlue Airways.

The stock-market reaction to Spirit Airlines’ troubles shows that every cloud can indeed have a silver lining. Shares in Spirit plummeted about 27% Friday following The Wall Street Journal’s report th