** Shares of U.S. carrier Spirit Airlines slide 62.4% to $1.22 premarket
** Spirit Airlines is preparing to file for bankruptcy protection after merger talks with Frontier Airlines broke down, the Wall Street Journal reported on Tuesday
** Spirit said it is in talks with creditors and continues to explore strategic alternatives to improve liquidity
** If the agreement fails, it will lead to the cancellation of existing equity and co will consider all alternatives
** Co said Q3 adj operating margin would be down 12% from last year
** Spirit has failed to report a profit in the last five out of six quarters
** As of last close, stock down 79.8% YTD
(Reporting by Sukriti Gupta in Bengaluru)
((Sukriti.Gupta@thomsonreuters.com;))
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