By Alison Sider
Spirit Airlines plans to go ahead on its own after rejecting the latest takeover offer from rival discount carrier Frontier Airlines.
Spirit, which filed for bankruptcy in November, said it will continue to work through its restructuring process after the two airlines renewed talks but couldn't come to terms on a deal. Spirit had previously rebuffed Frontier in January, but the two airlines traded proposals again this month.
Frontier has tried several times to buy Spirit to create a budget airline behemoth, and argued in recent weeks that Spirit is doomed to fail on its own.
Spirit has faced years of losses, mounting challenges to its business model, and was left weakened after a failed sale last year to another airline, JetBlue.
In a statement Tuesday, Frontier appeared ready to move on: "We wish the Spirit team well," the airline said.
A hearing to consider Spirit's reorganization plan is scheduled for Thursday, and the airline expects to emerge from Chapter 11 in the first quarter of this year.
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(END) Dow Jones Newswires
February 12, 2025 04:04 ET (09:04 GMT)
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