Spirit Airlines rejects Frontier's bid, expects to exit bankruptcy in first quarter
Jan 29 - Spirit Airlines SAVEQ.PK on Wednesday said it expects to exit bankruptcy in the first quarter and rejected a merger with rival Frontier Group ULCC.O, saying it was not favorable for the low-cost carrier.It received a proposal from Frontier earlier this month, where in its shareholders would $400 million in debt and a 19% share in Frontier, the company said in a regulatory filing. Spirit rejected the proposal as it would not provide the anticipated shareholder value and raised concerns over the timing and successful completion of the deal.The Florida-based airline declared bankruptcy in November after grappling with prolonged periods of financial losses, unsuccessful merger efforts and a substantial levels of debt.The airline said it expects to complete its restructuring process in the first quarter.
