Spirit Airlines disclosed it is in talks with its creditors for a restructuring deal, hours after it was reported that the company’s merger talks with rival low-cost carrier Frontier had fallen through.

Spirit Airlines stock tumbled in premarket trading Wednesday following a report that said the ultra-low-cost carrier was preparing to file for bankruptcy protection.The filing could come within weeks,

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.