If your senior leadership at FRNT, with their BOD, what would be better? Buying Spirit inside or outside reorganization? This is just business. Their are always risks in CH 11 because management loses control of the company to a judge/creditors but in FRNT's case its an excellent way to get those assets at the lowest cost possible. Both airlines just broke off talks. FRNT knows exactly whats going on here. Sometimes people forget that when a company buys another, not only are they paying for that but they inheriting the debt they buy. According to Spirit's last 10Q, their long term debt is 3.1 Billion with about 800 million in cash with 120 million of that restricted. Thats as of June 30th. That debt has to be rectified one way or the other. FRNT has long term debt of 1.7 Billion with 576 million in cash. The BOD at FRNT will never allow these two to dance until that gets fixed. Cashflows have to match up to service the debt. In this situation, its the opposite. Spirit already burned through 269 million in six months. Thats over a million a half a day. The business is salvageable. It needs critical mass. Their is definitely room for a large ULCC in the US.