S&P Equity Research Drops Coverage on Frontier Airlines (FRNT)
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S&P Equity Research drops coverage on Frontier Airlines (Nasdaq: FRNT).
S&P analyst, J. Corridore, says, "FRNT shares are expected to open more than 70% lower today, as the company, a provider of air transportation for passengers and freight, and all its subsidiaries have filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code. FRNT cites an increase in its credit card "holdback" as the reason, but we had been worried about FRNT's liquidity for some time. With the company filing for bankruptcy, we are dropping coverage. Our prior recommendation on the shares was a 'Sell'."
Frontier Airlines Holdings, Inc (Frontier Holdings), provides air transportation for passengers and freight through its wholly owned subsidiaries.[SM]
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