The largest U.S. budget airline, Spirit, announced on Monday it has filed for Chapter 11 bankruptcy protection. The company hopes to turn things around—and its new CFO will be front and center in that effort.

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,

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.