Frontier’s leaders say they are ready to move forward with the company’s latest bid to buy Spirit. Last week, the carrier detailed another proposal to purchase Spirit, which filed for bankruptcy last year.
As part of the deal, Frontier offered the issuance of a $400 million principal amount of debt and 19% of the carrier’s common equity to holders of Spirit’s secured notes. In its proposal, Frontier added that a combination with Spirit would bring “unmatched benefits.”
During Frontier’s fourth-quarter earnings call on Friday, CEO Barry Biffle said the airline “stands ready to engage” with Spirit regarding its latest offer.
“Our proposal offers more value than Spirit’s stand-alone plan,” he said. “This includes substantial value for equity holders who will otherwise receive nothing through Spirit’s plan with the bankruptcy court.”
Another Attempt
January’s proposal isn’t the first time Frontier has tried to buy Spirit. The two airlines attempted a $2.1 million deal in 2022. Then, in late 2024, both airlines reengaged in merger talks, which ultimately fell through.
Spirit filed for Chapter 11 bankruptcy protection in November 2024.
“ We obviously know Spirit very well and are prepared to move quickly to engage to make this compelling opportunity happen,” Biffle added. He also noted that the combined airlines would “enhance” the travel experience for consumers and offer better career opportunities for team members.
