Spirit Airlines, Inc. on Wednesday rejected a merger proposal by rival Frontier Group Holdings, Inc., stressing that it would not be beneficial to its stakeholders.
In a regulatory filing, Spirit explained that under the proposal, its stakeholders would receive $400 million in debt and 19% share in Frontier after the merger, which would not provide anticipated shareholder value.
Additionally, Spirit ensured that it is advancing through its restructuring process, adding that it expects to complete its restructuring plan and exit bankruptcy in the first quarter of 2025.
