The airline industry is bracing for a seismic shift as Spirit Airlines, fresh from a successful financial restructuring and exit from Chapter 11, unveils a bold new strategy: a complete rebranding into a premium carrier.

Spirit Airlines is out of bankruptcy, hitting its target to emerge in the first quarter, after a crippling few years.

Discount carrier Spirit Airlines has emerged from bankruptcy protection. The budget airline — known for its no-frills, low-cost flights on a fleet of yellow planes — said Wednesday that its parent, Spirit Aviation Holdings,