Business NEWS
Republic Air Completes Acquisition Of Frontier Airlines, emerges from bankruptcy
By Amarendra Bhushan for CEOWORLD Magazine Updated:October 1, 2009
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Republic Airways Holdings Inc (RJET) said on Thursday it completed its acquisition of Denver-based Frontier Airlines Holdings Inc (FRNTQ) for $108.75 million.
In August, Republic beat out Southwest Airlines Co. (LUV) for the Denver-based carrier, agreeing to buy it for $108.8 million and waiving any right to waive the recovery on a $150 million general unsecured claim.
Frontier filed for Chapter 11 bankruptcy 18 months ago and Republic Airways beat Southwest Airlines to buy the troubled Denver-based carrier at auction.
Frontier employs about 5,000 people with roughly 750 of those jobs in Denver.
The combined airlines offer scheduled passenger service on about 1,800 flights daily to 126 cities in 47 states. They employ over 11,000 aviation professionals and operate 294 aircraft.
“We welcome Frontier into the Republic Airways family,” Bedford said. “We thank the employees of Frontier for their hard work and the customers of Frontier for their continued loyalty. Frontier’s successful exit from Chapter 11 closes a difficult chapter in its history and allows us to move forward together.”
Frontier, the second-largest airline at Denver International Airport, filed for Chapter 11 bankruptcy protection April 10, 2008.
“This is the end of a long, difficult journey and the beginning of a new, exciting one,” said Sean Menke, Frontier’s president and CEO, in a prepared statement. He’s staying as Frontier CEO as well as becoming a Republic executive vice president and its chief marketing officer.
Republic now owns all of Frontier Airways Holdings Inc. through its $108.8 million bid in bankruptcy court. The plan called for Frontier’s old shares to be canceled.
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