Spirit Airlines rejects Frontier's $400M debt/19% equity merger proposal, to proceed with standalone Chapter 11 plan

Spirit Aviation Holdings, Inc.

Frontier proposed $400M principal debt + 19% equity for Spirit stakeholders; Spirit deemed it inferior to existing plan.
Spirit's Board determined not to further delay emergence; confirmation hearing set for Feb 13, 2025 with exit expected Q1 2025.
Spirit noted earlier 2024 agreement in principle was for $580M debt + 26.5% equity, far better than new Frontier proposal.
Creditors' advisors reportedly viewed Frontier's proposal as insufficient and not warranting a counter.
Spirit continues to advance restructuring to significantly deleverage and position for long-term success.

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