Spirit rejects Frontier's $400M debt+19% equity proposal; stands by standalone recap

Spirit Aviation Holdings, Inc.

Spirit rejects Frontier's Feb 4 proposal: $400M second-lien debt + 19% equity, waiving $35M termination fee.
Spirit's Feb 7 counterproposal offered $600M first-lien debt + $1.185B equity via market mechanism and $35M fee from Frontier.
Frontier rejected counterproposal on Feb 10; Spirit proceeds with standalone plan seeking confirmation on Feb 13.
Over 99.99% of voting creditors accepted Spirit's plan; all but two objections resolved.
Spirit expects to exit Chapter 11 in Q1 2025; stock now trades on OTC Pink under SAVEQ.

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