Spirit Airlines mulls bankruptcy, sending its stock price into nosedive

Spirit Airlines is considering declaring bankruptcy after a proposed merger with Frontier Airlines fell apart. 

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 acknowledged in a regulatory filing late Tuesday that it is in "active and constructive discussions" with bondholders to restructure its obligations as its business woes continue. If the talks succeed, the airline expects operations to continue, and for employees and customers to be shielded from any impact.