Republic Airways (RJET) Named Winning Bidder in Auction to Acquire Frontier Airlines
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Republic Airways Holdings (NASDAQ: RJET) today announced that it has been declared the winning bidder in the auction to acquire Frontier. The auction was conducted under procedures established in Frontier’s Chapter 11 bankruptcy case.
“I look forward to welcoming Frontier to our Republic family,” said Bryan Bedford, Chairman, President and CEO of Republic. “Frontier has made impressive strides in returning to sustained profitability in a challenging and uncertain economic environment.. We congratulate the employees of Frontier. Their commitment and perseverance during the bankruptcy process has allowed the Frontier brand to survive and thrive. Now, we have to turn our attention to the important work of integrating two great brands: Frontier and Midwest Airlines, which enjoy strong loyalty in Denver and Milwaukee.”
“We are pleased to have Republic as a plan sponsor,” said Sean Menke, Frontier President and Chief Executive Officer. “Today’s announcement is the beginning of a wonderful new chapter for this proud organization.”
Pursuant to its investment agreement, Republic has agreed to purchase 100% of the stock of Frontier Holdings upon its emergence from bankruptcy for $108.75 million, so long as certain conditions are met. Republic also agreed to waive any right to recovery on its $150 million general unsecured claim.
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“I look forward to welcoming Frontier to our Republic family,” said Bryan Bedford, Chairman, President and CEO of Republic. “Frontier has made impressive strides in returning to sustained profitability in a challenging and uncertain economic environment.. We congratulate the employees of Frontier. Their commitment and perseverance during the bankruptcy process has allowed the Frontier brand to survive and thrive. Now, we have to turn our attention to the important work of integrating two great brands: Frontier and Midwest Airlines, which enjoy strong loyalty in Denver and Milwaukee.”
“We are pleased to have Republic as a plan sponsor,” said Sean Menke, Frontier President and Chief Executive Officer. “Today’s announcement is the beginning of a wonderful new chapter for this proud organization.”
Pursuant to its investment agreement, Republic has agreed to purchase 100% of the stock of Frontier Holdings upon its emergence from bankruptcy for $108.75 million, so long as certain conditions are met. Republic also agreed to waive any right to recovery on its $150 million general unsecured claim.
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