NEW YORK (TheStreet) -- Republic Airways Holdings (RJET) stock is down by 70.06% to $1.03 on heavy trading volume on Friday after the company announced that it filed for Chapter 11 bankruptcy protection. 

The Indianapolis-based airline holding company, which operates ChautauquaAirlines and ShuttleAmericaCorp., announced on Thursday that itfiled for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York.

Republic Airways will continue operating as it restructures its finances, the company said in a statement.

"Difficulties had been building at Republic for some time," TheStreet's Carleton English wrote in a Real Money article today. "In a call with analysts in November, which reflected third-quarter results, management acknowledged that its results were negatively affected by pilot labor shortages, driven in part by labor disputes, idled aircraft, and -- quite telling -- fees associated with restructuring efforts with key stakeholders."

Additionally, the company appointed Lars Arnell to serve as Republic's chief restructuring officer. Arnell previously was Republic's senior VP of corporate development.

So far today, 13.64 million shares of Republic Airways have traded, versus the company's 30-day average of 1.32 million shares. 

Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rates this stock as a "hold" with a ratings score of C-. The company's strengths can be seen in multiple areas, such as its attractive valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity.

You can view the full analysis from the report here: RJET

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