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.

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.

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