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,

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.

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.

Here’s what you need to know about the future of the air travel provider after it filed for bankruptcy protection on Monday, along with its track record of financial difficulties.

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 files for bankruptcy after years of losses and a blocked JetBlue merger. The carrier secures $300M in financing, aiming to exit bankruptcy by next year.

The low-cost airline filed for bankruptcy protection Monday. It will continue to operate as it seeks to restructure its debt.

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