Frontier’s plan of reorganization confirmed by Bankruptcy Court
Frontier Airlines Holdings, Inc. 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 Group, 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.
“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.”
