Financially troubled Spirit Airlines says its reorganization plan has been approved by a federal bankruptcy court in New York, opening the way for its exit from Chapter 11 “in the coming

A U.S. bankruptcy judge on Thursday approved Spirit Airlines' debt restructuring, clearing the budget airline to convert $795 million in debt to equity and emerge from bankruptcy as a private company.

Spirit Airlines’ (OTC:SAVEQ) plan to exit bankruptcy through a debt restructuring deal has been approved by a bankruptcy court that will transfer ownership of the beleaguered carrier to its majority lenders.

A U.S. bankruptcy judge approved Spirit Airlines' restructuring plan to emerge from Chapter 11 bankruptcy as a private company.

Spirit Airlines Gets Green Light From Court To Emerge From Bankruptcy is published in Aviation Daily, an Aviation Week Intelligence Network (AWIN) Market Briefing and is included with your AWIN membership. Get free air transport news, insight and analysis from our award-winning editors delivered to your inbox daily.

SPIRIT Airlines won court approval to leave bankruptcy via a lender-backed take-private deal after rejecting a takeover offer from rival Frontier Group Holdings. Read more at The Business Times.

While the strong brand and loyal customer base make a full closure unlikely, the pool of investors who will be able to pull the struggling airline back on track is limited — and, now that Spirit has rejected a merger offer from Frontier ( FRON) for a second time, got even smaller.