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.

The budget carrier is in advanced discussions with bondholders over a filing that could occur within weeks.

Uncertainties regarding the future of Spirit Airlines reached a tipping point Wednesday as the company’s stock fell more than 60% on fears the low-fare airline company could file for bankruptcy. The daily flight from Latrobe to Orlando,

Spirit Airlines says it won’t announce its quarterly financial results on time because the company is focused on talks with bond holders to restructure its debt

The Wall Street Journal, citing anonymous sources, reported late Tuesday that the airline was discussing terms of a possible bankruptcy filing.

Stockholders in financially troubled Spirit Airlines, the South Florida-based discount carrier, would see their shares cancelled under a potential debt restructuring agreement that has been under