The historic Proud Bird restaurant at the Los Angeles International Airport, which had been rumored to be closing after failing to agree to a long-term lease with airport operator Los Angeles World Airports, isn’t taking off after all.

Runway Two-Five Corp., which owns the restaurant, agreed Wednesday to a 20-year lease extension, worth more than $4.5 million over its term.

The owners of the restaurant, which features several early airplanes on its premises, expect to spend more than $5 million upgrading and refurbishing the property, according to a press release announcing the deal.