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 is reducing its capacity by 16% overall, with significant cuts at key airports like LaGuardia and Los Angeles International. Spirit is increasing its capacity at Atlanta Hartsfield Jackson International Airport by 26% as part of its strategic adjustments.

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.