Republic Airways Holdings Inc., one of the biggest US regional carriers, has filed for bankruptcy protection. The filing has been followed by the pressures of a pilot shortage and a shift by large network airlines to use larger planes. Republic CEO Bryan Bedford has characterized the move as helping take the airline to new heights.

The Indianapolis based carrier operates flights on behalf of the commuter brands of carriers including American Airlines Group Inc. and Delta Air Lines Inc. The airline plans to conduct operations while restructuring, reports The Wall Street Journal.

The airline operates a fleet of around 240 small planes containing 80 seats and below. The bankruptcy filing is the first in commercial aviation history since American Airlines' chapter 11 filing in 2011. The filing appears amid reporting of record profits by the national carriers in the wake of significant industry consolidation, capacity cuts and renewed power pricing, according to a report published in Forbes.

In the US, regional carriers have struggled to find enough pilots because of relatively low starting salaries and new federal rules requiring new aviators to have additional training. Republic is also hit with an outdated pilot contract which is less attractive compared to those of competitors. The carrier has warned last year that it may be pushed into bankruptcy protection, reports Market Watch.