Spirit Airlines on Friday filed for bankruptcy protection for the second time in a year, just months after the country’s largest budget carrier failed find to sturdy financial footing when it came out of Chapter 11 protection in March.

Spirit debtholders agreed in the airline’s previous bankruptcy to exchange $795 million in debt for equity, but the carrier avoided bigger changes to cut costs, like getting rid of planes or more dramatically shrinking its footprint.

Spirit now says it will reduce its network and shrink its fleet, cuts that it said will reduce costs by “hundreds of millions of dollars” a year.

“Since emerging from our previous restructuring, which was targeted exclusively on reducing Spirit’s funded debt and raising equity capital, it has become clear that there is much more work to be done and many more tools are available to best position Spirit for the future,” Spirit CEO Dave Davis said in a news release on Friday.

The carrier sought to reassure customers that they can continue to book and fly on Spirit after its bankruptcy filing.

“Virtually every major U.S. airline has used these tools to improve their businesses and position them for long-term success,” Spirit posted on its Instagram account on Friday, written in white against a black background, uncharacteristic for the carrier that is usually featuring its bright-yellow planes and tropical beaches.

In a court filing in December, Spirit had forecast a net profit of $252 million this year. But earlier this month, it said it instead lost nearly $257 million since March 13, after it exited Chapter 11, through the end of June.

Spirit warned a few weeks ago that it might not be able to survive a year unless it significantly increased its cash. It also said its credit card processor was seeking additional collateral. It then borrowed the entire $275 million available under its revolving credit facility and said that the card processor could hold back up to $3 million a day from the airline.

Spirit’s shares are down 72% over the past month.

Labor unions warned pilots and flight attendants earlier this month that more changes could be ahead. Hundreds of flight attendants are already on voluntary leave, and Spirit has planned to furlough hundreds of pilots this year to cut costs.

“This bankruptcy will be harder and look different than last year, but we will keep you closely informed and stick together as we move forward,” the Association of Flight Attendants-CWA told the carrier’s flight attendants on Friday after Spirit’s filing.

It said it expects more leaves will be offered. “As we communicated a few weeks ago, we urge you to take an honest look at your personal situation, examine all your options, and prepare for all possible scenarios,” the union said.

Spirit had struggled for years as it dealt with a glut of U.S. flights, a Pratt & Whitney engine recall and a failed takeover by JetBlue Airways, a deal that was blocked in court.

Spirit’s aircraft lessors had reached out to rival airlines in recent weeks to gauge executives’ interest in some of the carrier’s planes, according to people familiar with the matter, who spoke on the condition of anonymity because the talks were private.

The carrier is the United States’ largest budget airline, followed closely by rival Frontier Airlines, which has tried and failed to merge with Spirit repeatedly since 2022.

Frontier on Tuesday announced 20 new routes that compete with Spirit to win over its struggling competitor’s customers.

Spirit has been an icon of budget travel and its bare-bones service — and fees for bags and everything else — became a favorite punchline for comedians.

Over the years, larger airlines like American and United rolled out their own basic fares for price-sensitive customers, but with more perks on board like snacks and big global networks where loyalty members could use their miles for more destinations.

Another challenge was that many travelers, especially post-pandemic, have sought out pricier and more spacious seats on board, as well as more international travel. Spirit has tried to rebrand to bundle fares and provide more premium seating options, though competitors have still said they have an advantage in part because they have bigger networks and more brand loyalty.

A new tradition for HBCU football could be starting at one of the nation’s oldest football stadiums on the campus of Harvard University.

“It’s really a cultural event,” said Derek Brown, co-founder of the Essence HBCU Classic, an NCAA football game between teams of historically Black colleges and universities. This year’s inaugural match-up is between with the Morehouse College Maroon Tigers and the Johnson C. Smith University Golden Bulls on Saturday during Labor Day Weekend.

“Football is definitely a part of the weekend. But I would say it’s the appetizer, and everything that comes with it is the entrée,” Brown said.

The four-day event co-founded by Campus Rise, which also created the HBCU NY Classic, will feature a pep rally, tailgate, battle of the bands and a step show with the goal of creating at atmosphere similar to an HBCU homecoming.

“We are trying to amplify HBCUs and the amazing folks that go to those schools,” said Michele Ghee, chief content officer of title sponsor Essence. “What an amazing opportunity to say, ‘Yes, HBCUs are producing great students just like Harvard.'”

The event’s organizers said they chose Boston because of the large number of HBCU alumni in the area and chose Harvard Stadium for its historical significance.

In 1971, Howard University and University of Maryland Eastern Shore played a game at the stadium organized by the Urban League of Eastern Massachusetts.

“Boston is actively working to shape a new narrative,” said John Borders IV, a Morehouse graduate and head of the Boston Office of Sports, Tourism and Entertainment, noting Mayor Michelle Wu is actively trying to distance the city from its history of racial tensions. “Boston has a rich Black history. While people may have one perception about Boston historically, there is a different dimension.”

The presidents of Morehouse and Johnson C. Smith say the game will likewise give both HBCUs an opportunity to inform people of their rich history and to build their national presence.

“It’s really an opportunity to have that broader exposure and to bring the product of Morehouse, the product of the pride of HBCUs on the road to showcase,” said F. Dubois Bowman, president of Morehouse.

“I think there are lots of questions we have to ask ourselves about representation, about the role that people of color, particularly Black people, play in this country,” said Valerie Kinloch, president of Johnson C. Smith. “When we talk about traversing different types of spaces, we have to understand how historically Black colleges and universities have a wide impact, and that also includes an impact on spaces that we usually would not be represented in.”

In addition to Essence, the game is being sponsored by betting giant DraftKings and Cash App, a subsidiary of Block.

“This partnership reflects who we are and what we stand for,” said Zack Ashley, global head of brand partnerships at Cash App, in a statement. “We’re honored to help bring the ESSENCE HBCU Classic to Boston and to celebrate the excellence, pride, and history of these institutions while providing real-world benefits to the communities they serve.”

Brown said the sponsorships are a clear acknowledgment of the value of HBCUs and their alumni during a time when many companies are ending their diversity, equity and inclusion programs.

“It’s a new tradition, but it’s not a new consumer,” Brown said. “I think all of our partners recognize that this a consumer that they wanted to target. They are not doing charity, they are sponsoring this event because it gives them great access to a consumer that is very important to their business.”