Company Has Cleared Last Major Hurdle before Emerging from Bankruptcy
DENVER, September 10, 2009 – Frontier Airlines Holdings, Inc. (OTCBB: FRNTQ) announced today that the Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization.
The Company successfully resolved the few objections to its Plan of Reorganization prior to today, resulting in an uncontested confirmation hearing. Frontier, along with its legal advisors Davis Polk and Wardwell LLP and financial advisors Seabury Capital, LLC, has worked throughout its stay in bankruptcy to achieve consensual resolutions with affected parties, which has become a hallmark of Frontier’s entire Chapter 11 case. With the Bankruptcy Court’s order confirming its Plan of Reorganization, Frontier will proceed to emerge from bankruptcy on or about Oct. 1, 2009, as a wholly owned subsidiary of Republic Airways Holdings, Inc. (NASDAQ: RJET)
This is an extremely proud day for everyone in our Company, said Frontier President and CEO Sean Menke. Many people doubted that we would even survive, let alone accomplish a successful reorganization, provide a recovery for our creditors and emerge a stronger competitor and company. Upon consummation of our Plan of Reorganization with Republic, we will be a successfully restructured airline, well positioned to be a competitive, successful, sustainable airline for years to come.
Menke continued, I must give a special thanks to all of our Frontier and Lynx employees. Their hard work, sacrifice and resiliency during the bankruptcy was key to our successful reorganization. They are the primary reason why Frontier Airlines and Lynx Aviation are where we are today.
About Frontier Airlines Holdings, Inc.
Frontier Airlines Holdings, Inc. is the parent company of Denver-based Frontier Airlines and Lynx Aviation. Currently in its 16th year of operations, Frontier Airlines is the second-largest jet service carrier at Denver International Airport, employing approximately 5,000 aviation professionals. Frontier Airlines’ mainline operation is made up of one of the youngest Airbus fleets in North America offering 24 channels of DIRECTV service in every seatback along with a comfortable all-coach configuration. In conjunction with a fleet of Bombardier Q400 aircraft operated by Lynx Aviation, Frontier offers routes to more than 50 destinations in the U.S., Mexico and Costa Rica. In addition, Frontier and Midwest Airlines have a codeshare partnership that allows passengers of both airlines access to 70 destinations in the U.S., Mexico and Costa Rica. Republic Airways Holdings, Inc. (NASDAQ: RJET) expects to close on its purchase of Frontier Airlines on or about Oct. 1, 2009, after which Frontier and Lynx will become subsidiaries of Republic, alongside Midwest Airlines and Republics other wholly owned subsidiaries.
SOURCE: Frontier Airlines Holdings, Inc.
Web site: www.FrontierAirlines.com
Karen C. Cook
Director of Communications