Spirit Airlines has declared Chapter 11 bankruptcy, but the company said in a statement that a restructuring “is expected to reduce Spirit’s debt, provide increased financial flexibility, position Spirit for long-term success and accelerate investments providing guests with enhanced travel experiences and greater value.”

In connection with a restructuring support agreement (RSA), said the statement, Spirit has received backstopped commitments for a $350 million equity investment from existing bondholders and will complete a deleveraging transaction to equitize $795 million of funded debt. Existing bondholders are also providing $300 million in financing, which, together with Spirit’s available cash reserves and cash provided by operations, is expected to further support the company through the Chapter 11 process.

Spirit expects to continue operating its business in the normal course throughout the bankruptcy process. Guests can continue to book and fly without interruption and can use all tickets, credits and loyalty points as normal. The process itself, said the airline, will not impact employee wages or benefits, which are continuing to be paid and honored. Vendors, aircraft lessors and holders of secured aircraft indebtedness will continue to be paid in the ordinary course and will not be impaired.