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

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,

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.