Spirit Airlines is out of bankruptcy, hitting its target to emerge in the first quarter, after a crippling few years.

Ultra-low-cost carrier Spirit Airlines has completed the Chapter 11 bankruptcy process, with chief executive Ted Christie pledging to focus on continued upgrades to the airline's products.

Spirit filed for bankruptcy back in November, following years of struggles and mounting debt as it failed to bounce back from the COVID-19 pandemic.

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

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

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

Spirit Airlines has emerged from bankruptcy, according to CNBC. CEO Ted Christie stated the airline is now leaner and prepared to compete with rivals.