Spirit Airlines has filed for bankruptcy.

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Spirit Airlines Inc. filed for bankruptcy due to financial difficulties following increased competition from rival carriers and a failed merger with JetBlue Airways Corp.

According to a court document, the airline filed for Chapter 11 listing assets and liabilities between £1 billion and £10 billion in New York.

Spirit has been facing tough times since a federal judge ruled that JetBlue's $3.8 billion acquisition would harm cost-conscious travelers by raising ticket prices across the industry.

COMPETITIVE POWER HAS DECREASED

The federal government had opposed the merger on antitrust grounds. The airline is also under increasing pressure from larger carriers that offer passengers more affordable ticket prices. The company filed for bankruptcy after reaching an agreement on a broad debt restructuring with the majority of its loyalty and convertible bondholders.