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

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 this week that its parent, Spirit Aviation Holdings,

Spirit Airlines has completed the Chapter 11 bankruptcy process, and is "emerging as a stronger and more focused airline," chief executive Ted Christie said Wednesday.