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,

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.

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.