Frontier Airlines filed for Chapter 11 bankruptcy late Thursday in Manhattan.

Frontier blamed the action on an “unexpected attempt by its principal credit card processor to substantially increase a ‘holdback’ of customer receipts, which threatened to severely impact the airline’s liquidity.”

“Frontier is committed to delivering exceptional customer service and we intend to continue delivering on that promise with normal operations throughout our reorganization process,” said Sean Menke, Frontier president and chief executive, in a news release issued just before midnight in Denver.

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