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.

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.