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

Flights will still take off and travelers can keep booking tickets, the low-cost carrier said, as the company enters Chapter 11 bankruptcy.

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.

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.

The low-fare carrier has struggled to find its footing after its planned merger with JetBlue was blocked by a federal judge.

Spirit Airlines will attempt to reboot as it struggles to recover from the pandemic-caused drop in travel and a failed attempt to sell the airline to JetBlue.

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.

The airline filed for Chapter 11 in New York listing assets and liabilities of between $1 billion and $10 billion, according to a court document.

Spirit Airlines says passengers will be unaffected by its Chapter 11 filing. US budget carrier Spirit Airlines has filed for bankruptcy protection after a long run of financial losses and a series of failed merger attempts.