A U.S. bankruptcy judge on Thursday approved Spirit Airlines’ SAVEQ.PK debt restructuring, clearing the budget airline to convert $795 million in debt to equity and emerge from bankruptcy as a private company.

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 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.