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.

Spirit Airlines said Monday it has filed for Chapter 11 bankruptcy protection after struggling with losses, growing debt and a failed merger during the post-pandemic travel lull.

Spirit Airlines filed for bankruptcy protection as it looks to cut its debt. The budget carrier will continue to fly but its stock is being delisted.Spirit said Monday that it has entered a restructuring agreement with its bondholders to reduce the debt on its balance sheet.