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 09.26.16

Airborne 09.27.16

Airborne 09.28.16

Airborne 09.29.16

Airborne 09.23.16

Airborne Hi-Def On YouTube

Airborne 09.26.16

Airborne 09.27.16

Airborne 09.28.16

Airborne 09.29.16

Airborne 09.23.16

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 09.27.16: EAA's 200K!, MilPilots Get Break, UAV Pilot Applications

Also: GPS Sat, Aero-Calendar, B-21 Raider, Boeing 777X, Tecnam P2002JF, NBAA Honors Louis Seno, Alaska-Virgin Merger EAA has reached a major milestone, as the association has surpa>[...]

BlackSky Pathfinder Satellite Launched Aboard India’s PSLV

Paves The Way For 60-Satellite Constellation To Deliver High-Resolution Satellite Imaging The BlackSky Pathfinder-1 satellite was successuflly launched into a sun synchronous orbit>[...]

Several Injured By Helicopter Rotorwash At Boy Scout Event

Arriving Helo Blew Several Canoes Into A Crowd On Shore It was supposed to be the celebration of the introduction of a new program to introduce young kids to the Boy Scouts. It wou>[...]

FAA: Parachutes Did Not Open In Tandem Jump Accident

First-Time Skydiver And Instructor Fatally Injured In August The FAA has determined that a first time skydiver and his instructor were fatally injured in an accident August 6th, 20>[...]

Southwest Airlines Flight Attendants To Vote On New Agreement

Balloting To Take Place From October 16 - 31 Southwest Airlines Co. has announced that the Executive Board of Transport Workers Union (TWU) Local 556, the Union that represents our>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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