Spirit Airlines has emerged from its Chapter 11 restructuring, having reduced its debt by approximately $795 million.

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.

Spirit’s annual loss of roughly $1.2 billion in 2024 is more than double its $558.5 million loss the year prior. The airline recorded negative 22.5% operating margins as revenues fell from $5.4. billion to $5 billion year-over-year and expenses notched up from $5.9 billion to $6 billion.

In an evolution from its budget-exclusive roots, Spirit is attempting to tap into the growing market for more upscale travel. It is now offering flight options with tiered prices,

Spirit Airlines (OTC:SAVEQ) has emerged from bankruptcy with significantly less debt and greater financial flexibility, saying it will move ahead with its strategy of redefining low-fare travel with new,