Spirit Airlines rejects proposal to combine with Frontier
Spirit Airlines' board of directors rejected (29-Jan-2025) Frontier Group Holdings' proposal to combine with Spirit. The carrier stated Frontier's proposal "would deliver less in value to the company's stakeholders than what was contemplated by the company's existing plan" and is "woefully insufficient financially". Spirit maintained the proposed transaction is "uncertain as to timing and completion… and is not actionable considering it would require the NDA parties to invest USD350 million in equity, which they were not willing to do based on the terms of the proposal". Spirit stated that, barring new developments, it plans to continue to work towards emerging from Chapter 11 proceedings. [more - original PR]