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

The airline has received a $350 million equity investment as part of its restructuring. Also, bondholders have converted $795 million in debt to equity.

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,

In an evolution from its budget-exclusive roots, Spirit is attempting to tap into the growing market for more upscale travel. It is now offering flight options with tiered prices,

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

The airline, headquartered in Dania Beach, Florida, filed for Chapter 11 bankruptcy protection in November. As part of the restructuring, Spirit eliminated approximately $795 million in funded debt and received a $350 million equity investment from existing investors.