Frontier Airlines Secures Buyer for Two Airbus A318 and Two Airbus A319 Aircraft
March 20 2008 - 4:45PM
PR Newswire (US)
Frontier Enters into Letter of Agreement with VTB Leasing for the
Four Aircraft DENVER, March 20 /PRNewswire-FirstCall/ -- Frontier
Airlines Holdings, Inc. (NASDAQ:FRNT) today announced it entered
into a Letter of Agreement with VTB Leasing to sell two of
Frontier's 49 Airbus A319 aircraft and two of its 11 Airbus A318
aircraft to VTB Leasing for onwards lease to Rossiya Airlines. The
sale of the aircraft was facilitated by SkyWorks Leasing. Financial
terms of the transaction were not disclosed. "In January we
communicated a revised capacity growth plan that was driven
primarily by the unprecedented rise in the cost of fuel," said Sean
Menke, Frontier President and CEO. "Part of that plan was to move
forward with the delivery of the larger, 162-seat Airbus A320
aircraft while selling four of our existing aircraft, resulting in
revised year-over-year growth of approximately three to five
percent in Fiscal Year 2009. I am pleased to say with today's
announcement we have taken another critical step in our
cost-savings plan and we are on track to achieve those revised
growth numbers." About Frontier Airlines Holdings, Inc. Frontier
Airlines Holdings, Inc. is the parent company of Denver-based
Frontier Airlines. Currently in its 14th year of operations,
Frontier Airlines is the second-largest jet service carrier at
Denver International Airport, employing approximately 6,000
aviation professionals. Frontier Airline's mainline operation has
62 aircraft with one of the youngest Airbus fleets in North
America. Frontier Airline's mainline operations offers 24 channels
of DIRECTV(R) service in every seatback along with a comfortable
all coach configuration. In conjunction with its regional jet
fleet, operated by Republic Airlines, and a fleet of ten Bombardier
Q-400 aircraft operated by Lynx Aviation (a subsidiary of Frontier
Airlines Holdings, Inc.), Frontier offers routes linking its Denver
hub to 70 destinations, including 62 U.S. cities in 36 states
spanning the nation from coast to coast; six cities in Mexico; one
in Canada and one in Costa Rica. In November 2006, Frontier and
AirTran announced a first-of-its-kind integrated marketing
partnership that offers travelers the ability to reach more than 80
destinations across four countries with low fares, aboard two of
the youngest fleets in the industry. For more in-depth information
on Frontier Airlines, please visit its Web site at
FrontierAirlines.com. Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: Statements contained in
this press release that are not historical facts may be
forward-looking statements as that item is defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve risks and uncertainties that could result in
actual results differing materially from expected results and
represent the Company's expectations and beliefs concerning future
events based on information available to the Company as of the date
of this press release. The Company undertakes no obligation to
publicly update or revise any forward-looking statements to reflect
events or circumstances that may arise after the date of this press
release. Additional information regarding risk factors that may
affect future performance at the Company are contained in the
Company's SEC filings, including without limitation, the Company's
Form 10-K for its fiscal year ended March 31, 2007. DATASOURCE:
Frontier Airlines Holdings, Inc. CONTACT: Joe Hodas of Frontier
Airlines, +1-720-374-4504, Web site:
http://www.frontierairlines.com/
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