Originally Posted by mudpie

I think a lot of bondholders were secured creditors and their money/investment is backed by the last of the Spirit assets, planes/gates/engines/etc. NK is worth at least that much to them even if it liquidates. Maybe Frontier's offer doesn't match up to that plus any upside potential. Who knows. They may see NK as a lost cause already, but there's no reason to sell below their minimum value either.