Spirit Airlines expects to emerge from Chapter 11 bankruptcy proceedings in the coming weeks after its plan of reorganization was confirmed by a US bankruptcy court. The airline will exit bankruptcy in a take-private deal that gives its major bondholders control of the company.

A U.S. bankruptcy judge approved Spirit Airlines' restructuring plan to emerge from Chapter 11 bankruptcy as a private company.

Spirit Airlines has cleared its biggest financial hurdle so far, allowing the Broward-based company to continue flying. The U.S. Bankruptcy Court for the Southern District of New York on Feb. 20 approved the carrier’s plan to continue operating as a business. That’s the most critical and often difficult part of a corporate restructuring.