Spirit Airlines has emerged from its Chapter 11 restructuring, having reduced its debt by approximately $795 million.

The airline has received a $350 million equity investment as part of its restructuring. Also, bondholders have converted $795 million in debt to equity.

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,