Frontier proposes $400M debt + 19% equity to combine with Spirit in Chapter 11

Frontier Group Holdings, Inc.

Frontier proposes $400M debt + 19% equity (implied value ~$2.16B) for Spirit stakeholders in Chapter 11.
Spirit board rejects proposal as insufficient; proceeding with standalone reorganization confirmation hearing in ~3 weeks.
Combined airline would be 5th largest U.S. carrier with 100M+ passengers; Frontier sees $600M+ in synergies.
Discussions remain preliminary; no definitive agreement reached and no assurance of transaction.

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