Spirit Airlines announced its intentions to continue flying despite filing for a “prearranged” Chapter 11 bankruptcy protection that helps them stay in business, stated a press release. The bankruptcy filing comes after the agency faced sweeping losses and immense debt,

The airline listed its estimated assets and liabilities in the range of $1 billion to $10 billion each, according to a court filing on Monday.

Monday's filing followed years of struggles for the Florida-based airline, which is known for its no-frills, low-cost flights.