The parent of Frontier Airlines said it recorded a $12.6 million net profit for the second quarter, compared with a year-ago-loss of $57.7 million.
"I am very proud of our impressive financial performance," Frontier President/CEO Sean Menke said in a statement. "Achieving eight months of operating profit and three quarters of net profit, and one of the industry’s lowest unit costs despite double-digit capacity reductions, positions Frontier well as we move to emerge from bankruptcy later this year."
That plan calls for Frontier Airlines Holdings and its Frontier and Lynx Aviation subsidiaries to be acquired by Indianapolis-based Republic Airways Holdings Inc.and operate as its subsidiaries. Under the plan, Republic would pay $109 million to buy Frontier’s equity.
A bankruptcy court judge agreed to the plan July 13, subject to submission of a better competing bid for Frontier.
Any interested bidders must submit initial proposals by Aug. 3 and a final proposal by Aug. 10. Frontier will conduct an auction the next day to determine whether it will accept Republic’s investment agreement or whether it will terminate it and accept what it considers a higher or otherwise better bid from someone else.
