WASHINGTON (CNN) - Low-cost startup airline Flyi Inc. announced Monday that its parent company, Independence Air, has filed for Chapter 11 bankruptcy protection.

In a statement released by the airline, it said the bankruptcy filing will allow it to "restructure the company's aircraft leases and other costs to achieve necessary cost savings."

According to Rick DeLisi, director of communications, "No changes in routes, destinations or schedules are planned."

Delisi also said the airline will be concentrating on lowering operating costs.

As with many other airlines, high fuel costs combined with low fares and multiple carriers on the same route have hurt Independence Air's bottom line.

The announcement is terrible news for investors of the carrier. In a statement posted on its Web site, the airline said that after Chapter 11 proceedings, stock in the company would most likely be worthless. Trading at $6 on its first day of operations, Tuesday afternoon the price of Flyi stock had fallen to .08 cents on the Nasdaq exchange.

Independence Air joins Delta (Research), Northwest (Research) and United Airlines in bankruptcy, as well as smaller national carrier ATA.

US Airways emerged from bankruptcy in September after being purchased by America West, which will fly the combined airlines under the US Air name.

The Dulles, Va.-based carrier was formerly known as Atlantic Coast Airlines. It operated as a contract carrier for United and Delta Air Lines, but broke away and became an independent airline in July 2004 when bankrupt United sought to renegotiate its contract.

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