NEW YORK (AP) — 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, exited Chapter 11 after finalizing debt restructuring. The reorganization plan, which received the court greenlight last month, aims to bring the carrier back to profitability and boost resources to compete with rivals.

“We’re emerging as a stronger and more focused airline,” CEO Ted Christie, who will continue to lead Spirit post-bankruptcy, said in a statement.

The restructuring deal allows Spirit to convert $795 million of its debt into equity. The company says it’s also received a $350 million equity investment from existing investors to aid future operations.

Spirit filed for bankruptcy back in November, following years of struggles and mounting debt as it failed to bounce back from the COVID-19 pandemic. The Florida carrier was particularly hit hard by rising operating expenses and stiffer competition. By the time of its Chapter 11 filing, the airline had lost more than $2.5 billion since the start of 2020.

Whether Spirit will continue as a standalone airline has also been up in the air, although takeover attempts from budget rivals like JetBlue and Frontier have proven to be unsuccessful before and during the bankruptcy process. Spirit rejected a third bid from Frontier last month.