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Frontier Airlines Holdings, Inc. Reaches Investment Agreement With Republic Airways Holdings, Files Plan of Reorganization.

Publication: PR Newswire
Publication Date: 22-JUN-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Republic Agrees to Serve as Equity Sponsor for Frontier's Emergence from Bankruptcy

Plan Provides for Frontier and Lynx to Maintain Normal Operations as Subsidiary of Republic

DENVER, June 22 /PRNewswire-FirstCall/ -- Frontier Airlines Holdings, Inc. (Pink Sheets: FRNTQ) today announced it has entered into an investment agreement with Republic Airways Holdings, Inc. by which Republic will serve as equity sponsor for Frontier's plan of reorganization and purchase 100% of the equity in the reorganized company for $108.75 million. The plan sponsorship agreement is subject to bankruptcy court approval and various conditions.

If the plan of reorganization is approved and implemented as proposed, upon its emergence from Chapter 11, Frontier Airlines Holdings would become a wholly owned subsidiary of Republic, an airline holding company that owns Chautauqua Airlines, Republic Airlines and Shuttle America. Frontier Airlines and Lynx Aviation would maintain their current names and continue to operate as usual.

"This agreement represents a major milestone in our ongoing efforts to position Frontier to emerge from...

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