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