Spirit Airlines is preparing to file for bankruptcy protection after merger talks with Frontier Airlines broke down, the Wall Street Journal reported, citing people familiar with the matter. Shares of the company were down 39% at $1.8 after the bell. The stock has fallen nearly 80% this year, while the S&P 500 passenger airlines index jumped 52%.

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 embattled discount airline is in rough financial shape, with shares falling 64% in premarket trading on Wednesday. Here’s the latest. Shares in Spirit Airlines (NYSE: SAVE) are trading down over 64% in premarket as of this writing.

Spirit Airlines is reportedly planning to file for bankruptcy protection in a matter of weeks after revived merger talks with Frontier Airlines fell through.

BOSTON - A popular airline that flies out of Boston's Logan Airport is looking at a future that's in jeopardy. Revenue down. CBS News sources said Spirit Airlines is preparing to

Spirit Airlines, a popular choice for low-cost airfare, may be heading for bankruptcy after a possible merger with Frontier Airlines fell through.