Spirit Airlines says it expects to emerge from Chapter 11 reorganization bankruptcy “within weeks” after a US court approved its recovery plan.

Spirit Airlines expects to emerge from Chapter 11 bankruptcy proceedings in the coming weeks after its plan of reorganization was confirmed by a US bankruptcy court. The airline will exit bankruptcy in a take-private deal that gives its major bondholders control of the company.

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

Spirit’s approval comes after the third merger attempt by Denver-based ULCC Frontier Airlines, part of a back-and-forth process between the two budget carriers that dates back to 2022 when Frontier made a run for Spirit but was usurped by JetBlue.

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.

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

Spirit Airlines has cleared its biggest financial hurdle so far, allowing the Broward-based company to continue flying. The U.S. Bankruptcy Court for the Southern District of New York on Feb. 20 approved the carrier’s plan to continue operating as a business. That’s the most critical and often difficult part of a corporate restructuring.