Spirit Airlines rejects Frontier's ‘insufficient' bid — and expects to exit bankruptcy this quarter

Spirit Airlines said Wednesday it has rejected a bid from rival Frontier Group as it was not favorable for the low-cost carrier and expects to exit bankruptcy in the first quarter.Frontier offered Spirit shareholders $400 million in debt and a 19% stake in Frontier earlier this month, Spirit said in a regulatory filing.The proposal implied a total consideration of about $2.16 billion, Frontier said in a letter to Spirit that was made public along with the filing.Frontier’s rejected bid to Spirit included of ...