Spirit Airlines has officially emerged from bankruptcy after completing a financial restructuring that reduced debt and secured $350 million in new investment. The airline now plans a strategic shift,

Discount carrier Spirit Airlines has emerged from bankruptcy protection. The budget airline — known for its no-frills, low-cost flights on a fleet of yellow planes — said this week that its parent, Spirit Aviation Holdings,

The Florida-based airline had filed for bankruptcy protection last November, after years of losses, failed merger attempts and heavy debt levels.