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

The airline industry is bracing for a seismic shift as Spirit Airlines, fresh from a successful financial restructuring and exit from Chapter 11, unveils a bold new strategy: a complete rebranding into a premium carrier.

Spirit Airlines has successfully exited Chapter 11 restructuring, having gained “significantly less debt and greater financial flexibility.”