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 Wednesday that its parent, Spirit Aviation Holdings,

Spirit Airlines emerged from Chapter 11 bankruptcy this week, meeting its target to exit in the first quarter.

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.