News for 'FRNTQ' - (Republic Airways Completes Acquisition of Frontier Airlines)
FRNTQ News Republic Airways Completes Acquisition of Frontier...
Thursday, October 1, 2009 10:29 AM
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News for 'FRNTQ' - (Republic Airways Completes Acquisition of Frontier Airlines)
INDIANAPOLIS, Oct 01, 2009 (BUSINESS WIRE) -- Republic Airways Holdings
(NASDAQ/NM: RJET) today announced that it has completed its acquisition of
Denver-based Frontier Airlines Holdings. Republic, which was the sponsor of
Frontier's plan of reorganization, acquired 100% of the equity in the
reorganized company for $108.75 million via an auction process in Frontier's
Chapter 11 bankruptcy case.
With the close of the transaction, Frontier joins Chautauqua Airlines, Midwest
Airlines, Mokulele Airlines, Republic Airlines and Shuttle America as a
subsidiary of Republic Airways Holdings.
On July 31, Republic completed its acquisition of Milwaukee-based Midwest
Airlines. Republic plans to continue both the Frontier and Midwest brands while
leveraging their unique strengths across the combined network.
"We welcome Frontier into the Republic Airways family," said Bryan Bedford,
Chairman, President and CEO of Republic. "We thank the employees of Frontier for
their hard work and the customers of Frontier for their continued loyalty.
Frontier's successful exit from Chapter 11 closes a difficult chapter in its
history and allows us to move forward together to capitalize on the many
opportunities to make two excellent brands even stronger."
Republic Airways Holdings, based in Indianapolis, Indiana is an airline holding
company that owns Chautauqua Airlines, Frontier Airlines, Lynx Aviation, Midwest
Airlines, Mokulele Airlines, Republic Airlines and Shuttle America, collectively
"the airlines." The airlines offer scheduled passenger service on approximately
1,800 flights daily to 126 cities in 47 states, Canada, Mexico and Costa Rica
under branded operations at Frontier, Midwest and Mokulele, and through
fixed-fee airline services agreements with five major U.S. airlines. The
fixed-fee flights are operated under an airline partner brand, such as
AmericanConnection, Continental Express, Delta Connection, United Express, and
US Airways Express. The airlines currently employ over 11,000 aviation
professionals and operate 294 aircraft
In addition to historical information, this release contains forward-looking
statements. Republic Airways may, from time-to-time, make written or oral
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements encompass Republic Airways'
beliefs, expectations, hopes or intentions regarding future events. Words such
as "expects," "intends," "believes," "anticipates," "should," "likely" and
similar expressions identify forward-looking statements. All forward-looking
statements included in this release are made as of the date hereof and are based
on information available to Republic Airways as of such date. Republic Airways
assumes no obligation to update any forward-looking statement. Actual results
may vary, and may vary materially, from those anticipated, estimated, projected
or expected for a number of reasons, including, among others, the risks
discussed in our Form 10-K and our other filings made with the Securities and
Exchange Commission, which discussions are incorporated into this release by
reference.
SOURCE: Republic Airways Holdings
CONTACT:
Republic Airways Holdings
Carlo Bertolini, 317-484-6069
Copyright Business Wire 2009
-0-
KEYWORD: United States
North America
Colorado
Indiana
INDUSTRY KEYWORD: Transport
Air
Other Transport
Travel
Transportation
Other Travel
SUBJECT CODE: Merger/Acquisition
Source: Comtext Market News
