The airline industry is bracing for a seismic shift as Spirit Airlines, fresh from a successful financial restructuring and exit from Chapter 11, unveils a bold new strategy: a complete rebranding into a premium carrier.

Spirit Airlines emerged from Chapter 11 bankruptcy this week, meeting its target to exit in the first quarter.

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,