Take what deal? The "all stock" deal that was worth about $160M of stock in Frontier if the Creditors would forgive their $3B in debt? If you were a creditor how would you explain to your investor clients that you gave away $3B of secured debt to Frontier for almost nothing in stock that will be wiped out in their BK? Why not just liquidate and sell the assets? Spirit's parts are worth more than the whole right now, especially as they have take on another $300M in DIP debt in just 2 months and losing between $72M-$120M per month even after rejecting leases and still have a negative 20% profit margin despite being well into BK2.

I hope someone buys the whole thing for the sake of the remaining employees, but there is so much risk with little benefit for a potential acquirer that its not likely to happen.