Spirit Airlines says it won't announce its quarterly financial results because the company is focused on talks with bond holders to restructure its debt.

Shares of Spirit Airlines plunged by more than half Nov. 13 after the budget carrier disclosed that it won't announce quarterly financial results on time while it continues talks with lenders to restructure its debt.

The Wall Street Journal, citing anonymous sources, reported late Tuesday that the airline was discussing terms of a possible 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.

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.

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.