Spirit Airlines has exited Chapter 11 bankruptcy protection.
It comes after restructuring finances with bondholders converting $795 million in debt to equity.
The airline also got a $350 million equity investment as part of the restructuring process.
Spirit says it plans to relist on the stock exchange in the future.
The airline filed for bankruptcy in late 2024 after a failed takeover by JetBlue and losses of more than $1 billion.
It has made major cuts in routes and its workforce.
It now has nearly 15% fewer seats for sale according to Cirium data.
At the same time it has brought in ‘high value’ ticket bundle options, moving away form its ‘bare fare’ policy of paying extra for most additional services.
“We’re pleased to complete our streamlined restructuring and emerge in a stronger financial position,” CEO Ted Christie said.
“Throughout this process, we’ve continued to make meaningful progress enhancing our product offerings while also focusing on returning to profitability.”
