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 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 is reportedly planning to file for bankruptcy following the collapse of a proposed merger with Frontier Airlines that sent its stock into rapid decline.

Shares in Queens-based JetBlue were soaring by about 16% in early trading today as shares in competitor Spirit Airlines tumbled following reports the ultra-low-cost carrier is preparing to file for bankruptcy protection.

Prince is temporarily closed to air traffic. The country is embroiled in political unrest.

The FAA banned flights to Haiti because a Spirit Airlines plane was shot at while it was trying to land in Port-au-Prince, Haiti's capital, and one flight attendant was injured.