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MarketWatch.com:

SAN FRANCISCO (MarketWatch) -- Republic Airways Holdings won an auction to acquire the bankrupt Frontier Airlines Holdings Inc., beating out the much larger Southwest Airlines in the process.

In a statement late Thursday, Republic /quotes/comstock/15*!rjet/quotes/nls/rjet (RJET 6.35, +0.35, +5.83%) said it has been declared the winning bidder in the auction for Frontier. Republic will purchase the Denver-based discount carrier for $108.75 million, and has agreed to waive any right to recovery on its $150 million general unsecured claim.

Republic was the airline's largest unsecured creditor.