DIA Statement About Frontier's Bankruptcy Filing
On April 10, 2008, Frontier Airlines Holdings Inc., Frontier Airlines Inc., and Lynx Aviation Inc. ("Frontier") filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code.A Chapter 11 filing permits Frontier to continue operations while developing a plan of reorganization to address existing debt, capital, and cost structures.In 2007, Frontier accounted for approximately 22.7 percent of passenger enplanements at Denver International Airport, approximately 16.3 percent of the airline rentals, fees and charges, and 7.8 percent of airport system gross revenues. See "Aviation Activity" and "Airline Information" at pages 37-41 of the Preliminary Official Statement for the Series 2008 A1-A4 Airport System Revenue Bonds.
The City has no information on the financial condition of Frontier other than from SEC filings, bankruptcy filings, and Frontier press releases and Web sites. However, the City can confirm the following information concerning amounts owed by, and credits due to, Frontier as of April 10, 2008:
- Estimated outstanding rents -- none Estimated landing fees for March (due April 20) -- $1.7 million Estimated Frontier share of 2007 Net Revenue Credit -- $7 million Estimated Frontier share of 2007 State Fuel Tax credit -- $3.74 million









