The Miramar, Florida-based discount airline is expected to file for bankruptcy protection from its debts in as little as 10 days or within weeks, sources familiar with the matter confirmed to CBS News. The Wall Street Journal first reported the looming bankruptcy filing.

Spirit Airlines stock (SAVE) plunged 59% on Wednesday as the budget airline explores a deal with creditors to restructure its debt amid a reported threat of bankruptcy after merger talks with Frontier (ULCC) collapsed.

Spirit Airlines is reportedly planning to file for bankruptcy following the collapse of a proposed merger with Frontier Airlines that sent its stock into rapid decline.