Spirit Airlines is out of bankruptcy, hitting its target to emerge in the first quarter, after a crippling few years.

As part of the restructuring, Spirit eliminated approximately $795 million in funded debt and received a $350 million equity investment from existing investors. The company stated that these financial changes would strengthen its long-term stability and allow it to invest in improving the passenger experience.

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,