The largest U.S. budget airline, Spirit, announced on Monday it has filed for Chapter 11 bankruptcy protection. The company hopes to turn things around—and its new CFO will be front and center in that effort.

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.