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,

Spirit Airlines emerged from bankruptcy protection Wednesday with “significantly less debt and greater financial flexibility,” meeting its goal to complete a reorganization by the end of this quarter.

U.S. carrier Spirit Airlines , long known for its no-frills service, said on Wednesday it was pushing ahead with plans to rebrand itself as a premium airline as it emerged from bankruptcy protection after four months.