Since the start of 2020 the airline has lost more than $2.5 billion and has built up looming debt payments in 2025 and 2026 which total more than $1 billion.

Spirit Airlines filed for bankruptcy protection Monday after the company struggled with a long run of quarterly losses, failed mergers and looming debt, but it plans to keep flying. Spirit's troubles deepened after the collapse of its $3.

The announcement comes before the busiest travel weekend, Thanksgiving, but the airline assured its customers that the tickets they booked are still active and future fares will also be.