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

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,

Budget airline Spirit, which filed for bankruptcy in November after months of difficulties, announced Thursday it had completed a restructuring deal with creditors to trim its debt by nearly $800 million.