Spirit Airlines is reportedly in discussions about a potential bankruptcy plan following recent challenges with merger and debt negotiations.

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 is reportedly planning to file for Chapter 11 bankruptcy protection after its latest attempt to merge with Frontier Airlines fell through.

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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.

The Wall Street Journal reported on Tuesday that Spirit is preparing to file for bankruptcy after merger talks with Frontier Airlines fell through. Spirit is one of the country's largest low-cost carriers — with service across 90 destinations in the U.

Spirit Airlines stock fell by about 36% in afterhours trading after the Wall Street Journal reported that the Florida-based budget airline is in advanced discussions with bondholders to hammer out a bankruptcy plan.