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.

Budget carrier Spirit Airlines has filed for bankruptcy protection after years of financial losses and failed merger attempts. On Monday, the airline said it had filed a Chapter 11 bankruptcy petition after working out terms with bondholders.

Spirit Airlines Inc. has filed for bankruptcy in the wake of greater competition from rival carriers and financial troubles following its scuttled merger with JetBlue Airways Corp. The airline filed for Chapter 11 in New York listing assets and liabilities of between $1 billion and $10 billion, according to a court document.