As part of the restructuring, Spirit eliminated approximately $795 million in funded debt and received a $350 million equity investment from existing investors. The company stated that these financial changes would strengthen its long-term stability and allow it to invest in improving the passenger experience.

In an evolution from its budget-exclusive roots, Spirit is attempting to tap into the growing market for more upscale travel. It is now offering flight options with tiered prices,

The Florida-based airline had filed for bankruptcy protection last November, after years of losses, failed merger attempts and heavy debt levels.