Spirit Rejects Frontier Merger, Plans Bankruptcy Exit in Q1
Spirit Airlines announced its intent to exit bankruptcy in the first quarter, declining a merger offer from Frontier Group.
Citing concerns over shareholder value and the deal's timeframe, Spirit rejected Frontier's proposal, which included $400 million in debt assumption and a 19% stake in Frontier.
Spirit entered bankruptcy in November, attributed to financial losses, failed merger attempts, and high debt. It now anticipates completing its restructuring process within the first quarter.