Originally Posted by 9thAmendment

The purchase would have to be during bankruptcy before any meaningful debt is addressed. Bankruptcy is no longer the magic debt eraser that it was in the early 2000s when all airlines went through it. The creditors essentially call the shots now. There is no way they are going to just give up all the money owed to them just so spirit can turn around and cash out in a merger. No judge would ever go along with that either.

This is why Frontier was meeting with Spirit the day before they filed. Deals are trying to be made with the creditors.