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.

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.

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

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