Spirit Aviation Holdings Inc. is set to start an orderly wind-down process to sell its assets, capping the downfall of the low-cost carrier that has filed for bankruptcy twice in recent years and failed to clinch a last-minute US government rescue.

The airline filed a motion on Monday requesting to wind down operations, after ceasing all passenger flight operations early Saturday. It is also seeking to modify a bankruptcy loan to have the necessary funding to proceed with the sale of its assets, which include aircrafts and spare engines and parts.