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 this week that its parent, Spirit Aviation Holdings,

The airline has received a $350 million equity investment as part of its restructuring. Also, bondholders have converted $795 million in debt to equity.

Spirit Airlines is reducing its capacity by 16% overall, with significant cuts at key airports like LaGuardia and Los Angeles International. Spirit is increasing its capacity at Atlanta Hartsfield Jackson International Airport by 26% as part of its strategic adjustments.

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