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 bankruptcy following the collapse of a proposed merger with Frontier Airlines that sent its stock into rapid decline.

Spirit had been exploring a merger with Frontier Airlines, another low-cost airline, in hopes of restructuring its debt and other liabilities without a bankruptcy filing. In March, JetBlue and Spirit Airlines ended their proposed $3.8 billion merger after ...