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 bankruptcy protection Wednesday with “significantly less debt and greater financial flexibility,” meeting its goal to complete a reorganization by the end of this quarter.

Spirit filed for bankruptcy back in November, following years of struggles and mounting debt as it failed to bounce back from the COVID-19 pandemic.