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,

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, high-value travel options.