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.

Airline investors should pack their bags. The news of the past couple of weeks promises to send them on a long and profitable trip. One company, though, looks like it will be left on the tarmac. Spirit Airlines said this week that it is looking to restructure its debt,