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.

In a move widely expected, Spirit Airlines announced Monday that it has filed for Chapter 11 bankruptcy protection, saying they intend to spend the next year attempting to reboot and recover after the