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’ shares plunged more than 50% in early trading Wednesday, following a report that it is preparing to file bankruptcy — and the company’s announcement that it won’t report quarterly financial results because it’s scrambling to reach a deal with creditors.

After reports of merger talks breaking down, Spirit Airlines in now filing for bankruptcy protection. ABC News reports the airline insists nothing will change for guests and the company has been actively working to restructure, citing higher operating expenses this year compared to last year.

Spirit Airlines is reportedly in advanced talks over a possible bankruptcy filing following a failed merger and continued financial struggles, The Wall Street Journal reported Tuesday evening.

The largest U.S. budget airline, Spirit Airlines, is allegedly contemplating bankruptcy. The Wall Street Journal reports that this development comes on the heels of failed merger talks with Frontier Airlines,

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