Spirit Airlines (SAVEQ) garnered retail attention on Thursday after a court approved its plan to exit bankruptcy by converting $795 million in debt to equity and emerge as a privately owned company. The company said it expects to emerge from restructuring in the coming weeks following the approval of the United States Bankruptcy Court for the

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

Frontier’s latest offer would have allowed Spirit Airlines to retain 19 percent of the company’s equity. But Spirit said the offer carried additional financial costs, including costs associated with a longer stay in bankruptcy, and more risks, including the risk that U.S. regulators would reject the merger of the two airlines.

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.

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