The low-cost airline filed for bankruptcy protection Monday. It will continue to operate as it seeks to restructure its debt.

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.

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.