Frontier Confirms That Southwest Airlines Is A Potential Buyer | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 12.05.16

Airborne 12.06.16

Airborne 12.07.16

Airborne 12.08.16

Airborne 12.09.16

Airborne Hi-Def On YouTube

Airborne 12.05.16

Airborne 12.06.16

Airborne 12.07.16

Airborne 12.08.16

Airborne 12.09.16

Fri, Jul 31, 2009

Frontier Confirms That Southwest Airlines Is A Potential Buyer

Frontier Would Become A Subsidiary Of Republic

Frontier Airlines Holdings, Inc. Thursday revealed that Southwest Airlines Co. has submitted an initial non-binding proposal to acquire Frontier under the auction procedures established in Frontier’s Chapter 11 bankruptcy cases and approved by the U.S. Bankruptcy Court. The bid is reported to be $113.6 million.

As previously announced, on July 13 the judge presiding over Frontier’s Chapter 11 bankruptcy cases in the U.S. Bankruptcy Court for the Southern District of New York approved a proposed investment agreement between Frontier and Republic Airways Holdings, Inc. Pursuant to the investment agreement, Republic 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. Frontier Airlines Holdings would become a wholly-owned subsidiary of Republic, an airline holding company that owns Chautauqua Airlines, Republic Airlines and Shuttle America.

The Republic investment agreement provides for an auction period, during which Frontier may seek higher or otherwise better competing bids. If Frontier identifies such a bid, it can terminate the Republic investment agreement and accept the other offer. Under the auction procedures approved by the Court, interested bidders must submit an initial proposal by Aug. 3, 2009, and a final proposal by Aug. 10, 2009. Frontier and its advisors, in consultation with the Unsecured Creditors’ Committee appointed in Frontier’s Chapter 11 cases, will conduct an auction, if necessary, on Aug. 11, 2009, to consider all qualified proposals and determine the highest or otherwise best proposal.

Frontier currently expects to emerge from Chapter 11 this fall.

Frontier and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on April 10, 2008. More information about Frontier’s Chapter 11 proceedings is available online.

FMI: www.southwest.com, www.frontierairlines.com

Advertisement

More News

Airborne 12.08.16: Trump v AF1, Gordon Bennett Cup '17, Skydiving At Casa Grande

Also: Intoxicated Pilot, Seaplane Pilots, AEA/EASA, Drones As Lifesavers, ISS Update, T-50A Flight Ops, Safran President-elect, Donald Trump set the world of aviation and the media>[...]

City Of Orlando Rewrites Drone Code, Still Tries to Supplant FAA

Cites Explosive Growth Of Hobby Aircraft, Advances In Technology The City of Orlando, FL has rewritten the section of its municipal code dealing with unmanned aircraft in light of >[...]

Search Continues For Missing Marine In Japan

Ejected From F/A-18 Hornet Off The Coast Of Japan Wednesday The Marine Corps is continuing its search for a pilot who went missing after ejecting from his F/A-18 Hornet Wednesday o>[...]

Airborne 12.07.16: SpaceShipTwo Free Flt, Newest Tecnam, Hurricane Hunters Move

Also: Chelan Seaplanes Debacle, Electrifying E-Fest, Delta's New Airbus, Orion Update, ACSS NXT-700, Flyht, Duncan Aviation The newest SpaceShipTwo flew free of its mother ship for>[...]

Airborne 12.08.16: Trump v AF1, Gordon Bennett Cup '17, Skydiving At Casa Grande

Also: Intoxicated Pilot, Seaplane Pilots, AEA/EASA, Drones As Lifesavers, ISS Update, T-50A Flight Ops, Safran President-elect, Donald Trump set the world of aviation and the media>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2016 Web Development & Design by Pauli Systems, LC