Spirit Air Rebuffs Frontier, Won’t Delay Chapter 11 Emergence

Spirit Airlines and parties have determined that a Jan. 7 proposal by Frontier would deliver less in value to the company’s stakeholders than what was contemplated by its existing plan, according to filing.

• Spirit has determined not to further delay planned emergence from Chapter 11 and continues to advance through its restructuring process
  • Also determined that the proposal is uncertain as to timing and completion and is not actionable, considering it would require the NDA Parties to invest $350 million in equity, which they were not willing to do based on the terms
  • Proposal would also have required the ...