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

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.

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.