Frontier Airlines (ULCC) is exploring a renewed bid for Spirit Airlines (SAVE) as Spirit continues discussions with bondholders over the terms of a potential bankruptcy filing, Alison Sider and Alexander Gladstone of Wall Street Journal report, citing people familiar with the matter. The airlines have had recent discussions about a possible merger, though the talks are at an early stage, sources told the Journal. If a deal is reached, it would likely happen as part of Spirit restructuring its debt and other liabilities in bankruptcy, the people said. Shares of Spirit are up 30% to $2.75 in premarket trading while Frontier is up 5% to $7.05.
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