Spirit Airlines exits Chapter 11 bankruptcy, rejects buyout bids, and focuses on growth with new funding and strategies.

NEW YORK -- Discount carrier Spirit Airlines has emerged from bankruptcy protection.

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

Spirit Airlines has officially emerged from bankruptcy after completing a financial restructuring that reduced debt and secured $350 million in new investment. The airline now plans a strategic shift,

The airline, headquartered in Dania Beach, Florida, filed for Chapter 11 bankruptcy protection in November. As part of the restructuring, Spirit eliminated approximately $795 million in funded debt and received a $350 million equity investment from existing investors.