The US Bankruptcy Court for the Southern District of New York has approved the proposed investment agreement between Frontier Airlines Holdings and Republic Airways Holdings, which would lead to Frontier becoming a wholly-owned subsidiary of Republic.
Pursuant to the investment agreement, Republic has agreed to purchase 100% of the stock of Frontier Holdings upon its emergence from bankruptcy for $108.75 million, so long as certain conditions are met.
The Republic investment agreement provides for an auction period, during which Frontier may seek higher or otherwise better competing bids. If Frontier identifies such a bid, it can terminate the Republic investment agreement and accept the other offer. Under the auction procedures approved by the Court, any interested bidders must submit an initial proposal by 3 August, and a final proposal by 10 August 2009.
Frontier and its advisors, in consultation with the Unsecured Creditors’ Committee appointed in Frontier’s Chapter 11 cases, will conduct an auction, if necessary, on 11 August 2009, to consider all qualified proposals and determine the highest or otherwise best proposal.
Frontier currently expects to emerge from Chapter 11 this autumn.
Frontier and its subsidiaries filed voluntary petitions for reorganisation under Chapter 11 of the US Bankruptcy Code on 10 April 2008.
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