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/NBAA2014 10.24.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.24.14 **
** Airborne/NBAA2014 10.22.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.22.14 **
** Airborne/NBAA2014 10.21.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.21.14 **
** Airborne/NBAA2014 10.20.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.20.14 **

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 10.24.14: AML's Innovations, NASA Preps For Mars, LightHawk Saves

Also: AW609 Pilots Honored, Airbus' VIP Cabin, FreeFlight's FTX-200, Quicksilver S-LSA Milestone During our visit this week to NBAA 2014, Jim Campbell had a chance to talk with Mar>[...]

Airborne at NBAA-10.22.14: Legacy 500, Universal InSight, BendixKing AeroWave

Also: GE Honda, Sagem's Active SideStick, Syberjet Update, Techno Aerospace Knows How to Party The FAA handed over certification papers for Embraer's Legacy 500 executive jet durin>[...]

Airborne 10.24.14: AML's Innovations, NASA Preps For Mars, LightHawk Saves

Also: AW609 Pilots Honored, Airbus' VIP Cabin, FreeFlight's FTX-200, Quicksilver S-LSA Milestone During our visit this week to NBAA 2014, Jim Campbell had a chance to talk with Mar>[...]

AD: Pacific Aerospace Limited Airplanes

AD NUMBER: 2014-21-02 PRODUCT: Pacific Aerospace Limited Model FU24-954 and FU24A-954 airplanes.>[...]

ANN's Daily Aero-Linx (10.25.14)

The Canard Zone An online forum by and for owners and builders of canard aircraft.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC