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

Spirit Airlines says it will continue flying as it files for Chapter 11 bankruptcy protection. Monday's announcement follows years of losses and a failed merger attempt for the low-cost carrier.

US budget carrier Spirit Airlines has filed for bankruptcy protection after a long run of financial losses and a series of failed merger attempts. On Monday, the Florida-based airline said it had arranged an agreement to restructure its debt and raise money during a bankruptcy process that is expected to last until early 2025.