The budget carrier’s pivot to ultralow fares brought it success but competition, rising costs and a failed merger bid hurt the business.

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 task of keeping the yellow planes with the cheap seats in the sky has fallen to Davis, Polk & Wardwell, which filed a petition for Chapter 11 bankruptcy relief in the U.S. Bankruptcy Court for the Southern District of New York early Monday morning.