Frontier Airlines cleared a last major hurdle in its emergence from bankruptcy Thursday when it received court approval of its reorganization plan.
The Denver-based air carrier said the hearing in the U.S. Bankruptcy Court for the Southern District of New York was uncontested after a few objections were resolved.
“This is an extremely proud day for everyone in our company,” Frontier chief executive Sean Menke said.
“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,” Menke said.
Frontier will be “a successfully restructured airline, well-positioned to be a competitive, successful, sustainable airline for years to come,” said Menke, who thanked employees for hard work and sacrifice.
The second-largest airline in Denver filed for Chapter 11 bankruptcy protection in April 2008. It has posted nine consecutive months of profits through July.
Republic Airways Holdings will acquire all the assets of Frontier and its subsidiary, Lynx Aviation, around Oct. 1.
The Indianapolis-based holding company, which also owns Republic, Chautauqua and Midwest airlines, has agreed to pay $108.75 million for Frontier.
Republic chief executive Bryan Bedford has said a decision could be made by early October about where up to 400 reservation and heavy-maintenance jobs in Colorado and New Mexico will be located.
Ann Schrader: 303-954-1967 or aschrader@denverpost.com
