Spirit Airlines has completed the Chapter 11 bankruptcy process, and is "emerging as a stronger and more focused airline," chief executive Ted Christie said Wednesday.

Budget airline Spirit, which filed for bankruptcy in November after months of difficulties, announced Thursday it had completed a restructuring deal with creditors to trim its debt by nearly $800 million.

As part of the restructuring, Spirit eliminated approximately $795 million in funded debt and received a $350 million equity investment from existing investors. The company stated that these financial changes would strengthen its long-term stability and allow it to invest in improving the passenger experience.