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 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.

The low-fare carrier has struggled to find its footing after its planned merger with JetBlue was blocked by a federal judge.