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

Budget carrier Spirit Airlines announced early Monday that it has filed for Chapter 11 bankruptcy, saying it expects to spend the next year going through the process. The airline, best known for its ultra-cheap fares,