Spirit Aviation Holdings, the parent company of Spirit Airlines said on Wednesday that the low-cost carrier has successfully completed its financial restructuring. (Reporting by Aatreyee Dasgupta in Bengaluru;

Spirit Airlines parent Spirit Aviation Holdings said on Wednesday that the low-cost carrier has successfully completed its financial restructuring.

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 bankruptcy protection Wednesday with “significantly less debt and greater financial flexibility,” meeting its goal to complete a reorganization by the end of this quarter.