Spirit Airlines emerged from Chapter 11 bankruptcy this week, meeting its target to exit in the first quarter.

As part of the restructuring, Spirit eliminated approximately $795 million in funded debt and received a $350 million equity investment from existing investors. The company stated that these financial changes would strengthen its long-term stability and allow it to invest in improving the passenger experience.

NEW YORK (AP) — Discount carrier Spirit Airlines has emerged from bankruptcy protection.

U.S. carrier Spirit Airlines , long known for its no-frills service, said on Wednesday it was pushing ahead with plans to rebrand itself as a premium airline as it emerged from bankruptcy protection after four months.

Spirit Airlines has emerged from its Chapter 11 restructuring, having reduced its debt by approximately $795 million.

Spirit Airlines emerged from its financial restructuring following its Chapter 11 bankruptcy this week, aimed at restoring the budget airline to profitability with a new approach focusing on premium travel experiences.

Spirit Airlines has officially exited Chapter 11 bankruptcy proceedings after shedding a large chunk of debt and receiving a new injection of cash from major creditors who supported its continued

Spirit Airlines has successfully exited Chapter 11 restructuring, having gained “significantly less debt and greater financial flexibility.”

Spirit Airlines said on Wednesday that it had successfully emerged from bankruptcy, exiting a major corporate restructuring five months after first filing for bankruptcy.