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

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 this week that its parent, Spirit Aviation Holdings,