Republic Airways win the Frontier Airlines bid
Posted: Fri Aug 14, 2009 2:32 am GMTMarketWatch.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.