The parent company of Independence Airline, which provides low-cost service from the Portland International Jetport, announced Monday that it was filing for Chapter 11 bankruptcy protection.

The move was expected on Wall Street and followed a reduced flight schedule in Maine. In October, the airline said it would cut its five daily flights into Portland down to two. A spokesman for the company at the time said that there were no plans to eliminate service to Maine, but the bankruptcy and reduced flight schedule are disappointing.

Independence Air debuted in Maine during the summer of 2004. The low-cost carrier, with its hub at Washington’s Dulles International Airport, increased competition and helped to hold down ticket prices. It also gave Mainers a closer option than driving to Manchester, N.H., to catch a flight on Southwest Airlines, another discount carrier that has made a name for itself with no-frills air travel, or to Boston.

The airline had found a receptive market in Maine, and its frequent flights gave travelers flexibility, especially on trips to Washington.

Delta Air Lines, Northwest Airlines and United Airlines, which also provide service into Portland, are also in bankruptcy. With four carriers that provide service to Portland facing uncertain futures, competition in the market could suffer, flights could be reduced further, and ticket prices could climb. That’s bad news for the state and its travelers.