Spirit Airlines said Tuesday that it will focus on its current reorganization plan after failing to agree on new takeover proposal from discount airline rival Frontier Group (ULCC).
Under the most recent bid, Frontier offered Spirit shareholders $400 million in debt and a 19% equity stake in Frontier Group, the company said.
Spirit said it submitted a counter proposal on Feb. 7, which Frontier rejected on Feb. 10.
"Spirit will continue swiftly to advance and conclude its restructuring process," the company said, adding that 99.99% of all voting creditors have voted to accept the plan and all but two objections have already been resolved.
Spirit said it expects to complete the restructuring in the first quarter.
Frontier and Spirit did not immediately respond to requests for comment from MT Newswires.
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