Spirit Airlines has officially exited Chapter 11 bankruptcy proceedings after shedding a large chunk of debt and receiving a new injection of cash from major creditors who supported its continued

Spirit Airlines said on Wednesday that it had successfully emerged from bankruptcy, exiting a major corporate restructuring five months after first filing for bankruptcy.

Ultra-low-cost carrier Spirit Airlines has completed the Chapter 11 bankruptcy process with chief executive Ted Christie pledging to focus in coming months on continued upgrades to the airline's products.