Frontier Airlines announced Thursday it has a $40 million commitment from Republic Airways Holdings Inc., essentially refinancing a loan it received nearly a year ago when the Denver-based carrier filed for bankruptcy protection.
Frontier will use the funds to repay a $30 million loan from Republic, Credit Suisse Securities and AQR Capital, plus it will have a $10 million "cushion to move forward," said Frontier spokesman Steve Snyder.
"What we're doing today gives us the adequate liquidity required to manage the business and be able to focus on finding a plan sponsor, which will eventually allow us to emerge from bankruptcy," Snyder said.
