Frontier Airlines’ Plan of Reorganization Approved By Creditors

Dépèche transmise le 2 septembre 2009 par Business Wire

Frontier Airlines’ Plan of Reorganization Approved By Creditors

Frontier Airlines’ Plan of Reorganization Approved By Creditors

DENVER--(BUSINESS WIRE)--Frontier Airlines Holdings, Inc. (OTCBB: FRNTQ) today announced that its Plan of Reorganization has been approved by the necessary majority of creditors enabled to vote on the Plan. In fact, an overwhelming majority of eligible voting creditors voted in favor of the Plan, with 92.58 percent of the voting creditors and 99.84 percent of the dollar amount of voting claims approving the Plan.

In addition, the deadline for filing objections to the Plan has now passed and only a small number of objections were filed. Frontier’s legal representatives believe most are technical or procedural in nature, and Frontier should be able to consensually resolve most or all of the objections, setting the stage for a largely uncontested Confirmation Hearing.

“This has been the hallmark of our restructuring efforts,” said Frontier President and CEO Sean Menke. “We have been able to completely restructure our business and reduce our costs to among the lowest in the industry. We have also developed alternative revenue streams through our branded AirFairs program, the introduction of ancillary revenues and the expansion of our network. We were able to do all of this in a cooperative manner with the constituents in our bankruptcy case, and we expect that to continue as we enter the final stage of our bankruptcy proceedings.”

Frontier’s Confirmation Hearing is scheduled for Thursday, Sept. 10, in the Bankruptcy Court for the Southern District of New York.

About Frontier Airlines Holdings, Inc.

Frontier Airlines Holdings, Inc. is the parent company of Denver-based Frontier Airlines. 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 (a subsidiary of Frontier Airlines Holdings, Inc.), 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 before October 1, 2009, after which Frontier will become a unit of Republic, alongside Midwest Airlines and Republic’s other wholly owned subsidiaries.

SOURCE: Frontier Airlines Holdings, Inc.
Web site: http://www.FrontierAirlines.com/

Business Wire

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