Spirit said Monday that it has entered a restructuring agreement with its bondholders to reduce the debt on its balance sheet.

Spirit Airlines officially filed for bankruptcy protection Monday after the pioneer of no-frills travel in the U.S. struggled with a long run of quarterly losses, failed merger attempts and looming debt maturities.

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.