After years of financial losses and a failed merger attempt, Spirit Airlines filed for Chapter 11 bankruptcy protection on Monday.

The low-cost carrier announced it has reached a deal with its bondholders to restructure its debts — and expects to continue flying as normal during the bankruptcy process. The airline says it will continue to honor all tickets, credits and loyalty points.

"The most important thing to know is that you can continue to book and fly now and in the future," the Florida-based carrier said in an open letter to its customers.

Spirit is the first major U.S. airline to file for Chapter 11 since 2011. Still, the move did not come as a surprise since the company hasn't posted a full-year profit since 2019.

Spirit, the nation's seventh-largest carrier, tried to merge with JetBlue, the sixth-largest. But the deal was blocked by a federal judge in January after the Department of Justice and several state attorneys general sued to stop it.

Since then, Spirit has been shrinking its operations and selling some of its planes in an effort to cut costs and raise cash.

"We expect to complete this process in the first quarter of 2025 and emerge even better positioned to deliver the best value in the sky," the airline said.