Years of losses and two failed mergers have caused the ultra-low-cost carrier’s stock price to tumble 92% in the past year. But Spirit says it will bounce back.

Spirit Airlines has filed for Chapter 11 bankruptcy protection, the company announced Monday morning.

Budget carrier Spirit Airlines announced early Monday that it has filed for Chapter 11 bankruptcy, saying it expects to spend the next year going through the process.

The largest U.S. budget airline, Spirit, announced on Monday it has filed for Chapter 11 bankruptcy protection. The company hopes to turn things around—and its new CFO will be front and center in that effort.

South Florida-based Spirit Airlines filed a pre-planned Chapter 11 bankruptcy petition in New York and will continue operations as it seeks to reduce its debt load and return to profitability

Spirit said it expects to operate as normal as it works its way through a prearranged Chapter 11 bankruptcy process and that customers can continue to book and fly without interruption. All tickets, credits and loyalty points remain valid, the airline said, as are affiliated credit cards and other membership perks.

Spirit Airlines announced Monday that it will enter prearranged Chapter 11 bankruptcy proceedings with backing from a supermajority of its bondholders. The news follows earlier reports that the discount airline was on the brink of bankruptcy after facing losses,

Spirit Airlines announced its intentions to continue flying despite filing for a “prearranged” Chapter 11 bankruptcy protection that helps them stay in business, stated a press release. The bankruptcy filing comes after the agency faced sweeping losses and immense debt,

The bankruptcy filing on Monday comes as Spirit Airlines had recorded increasingly steep losses post-pandemic.