Frontier revises Spirit merger proposal: $400M debt + 19% equity, no rights offering

Frontier Group Holdings, Inc.

Frontier offers $400M second-lien takeback debt and 19% equity (~52.9M shares) to Spirit stakeholders.
Proposal eliminates Spirit's $350M equity rights offering; $35M ERO breakup fee waived.
Spirit counters with $600M first-lien debt and $35M breakup fee; Frontier rejects, sticks to original.
No agreement reached; Spirit intends to advance standalone Chapter 11 restructuring.
Correspondence shows unresolved differences on debt priority, break fee, and regulatory termination fee.

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