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