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The bankruptcy doesn't appear to part of a wider trend within the industry, according to analysts, citing Mesa's lack of partnerships, a weak balance sheet and a recent loss of business from Delta Air Lines and United.

"I don't see any real bankruptcies coming up," said CreditSights bond analyst Roger King. "I expected one or two by now, but they bought themselves so much money in the fall that they got themselves another year."

As the financial markets thawed late last year, airlines were able to tap billions in new debt to keep their operations going until a potential industry-wide recovery later this year.

"If Mesa goes away, no one will miss them," said Gimme Credit analyst Vicki Bryan, adding that the airline has no credit, its costs are too high and the competition is too great. If it vanishes, she said, other airlines would easily pick up its routes.

In a release, Mesa Air said it faced an "untenable financial situation" due to lease obligations on aircraft it no longer required. Over the last two years the carrier has eliminated $160 million in debt and returned planes, but it can't rid itself of the extra planes fast enough.

Mesa has contracts with 25 different leasing companies.

"Chapter 11 filing provides the most effective and efficient means to restructure with minimal impact on the business and our customers," Chairman and Chief Executive Jonathan Ornstein said.

"This process will allow us to eliminate excess aircraft to better match our needs and give us the flexibility to align our business to the changing regional airline marketplace, ensuring a leaner and more competitive company poised for future success," Ornstein said.