NEW YORK ( TheStreet) -- Great Atlantic & Pacific Tea ( GAP), better known as A&P, is plunging following rumors of a possible bankruptcy. A Ch. 11 filing could come as soon as this weekend, Bloomberg reported, citing sources familiar with the matter. Separately, Reuters reported that A&P hired restructuring lawyers Kirkland & Ellis. Great Atlantic & Pacific Tea, which owns A&P, Walbaum's and Pathmark, among other grocers, had about $1.5 billion of debt as of September. Vendors have also reportedly tightened credit terms with A&P over the last several weeks, according to Reuters. Shares of the company are plunging 66.8% to 94 cents, in afternoon trading. --Written by Jeanine Poggi in New York. >To contact the writer of this article, click here: Jeanine Poggi. >To follow the writer on Twitter, go to http://twitter.com/jpoggi. >To submit a news tip, send an email to: email@example.com.