(Bloomberg) — Spirit Airlines Inc. rejected a refreshed acquisition offer from rival budget carrier Frontier Group Holdings Inc., saying it would instead proceed with a planned restructuring in bankruptcy.

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Frontier made the latest proposal on Feb. 4, Spirit revealed in a statement. Spirit said it submitted a counter-offer three days later, which was rejected by Frontier on Feb. 10.

Frontier has sought to revive a years-long courtship between the two pioneers of deep-discount air travel in the US. Frontier agreed to buy Spirit in 2022 before JetBlue Airways Corp. came in with a bigger offer.

After the JetBlue deal was blocked on antitrust grounds, Frontier again pursued Spirit but talks broke down last year, Bloomberg reported.

Under the terms of the new proposal from Frontier, Spirit’s stakeholders could have received $400 million in second-lien debt issued by Frontier and 19% of Frontier’s stock.

The plan also wouldn’t have required Spirit to complete its previously announced $350 million rights offering. It did, however, require a waiver of the bankruptcy court-approved $35 million termination fee that would otherwise have been owed.

“Spirit will continue to advance and conclude its restructuring process, which will significantly deleverage the company,” Spirit said in its statement.

A hearing to consider the confirmation of Spirit’s reorganization plan is scheduled for Feb. 13.

Frontier’s shares fell 2.2% at 9:33 a.m. Wednesday in New York.

–With assistance from Mary Schlangenstein.

(Updates with share trading in final paragraph.)

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