Spirit, which filed for bankruptcy protection last year, says it has rejected the new Frontier overture but would be open to a higher offer.

Frontier Airlines said Wednesday it has again proposed combining with Spirit Airlines, which is in bankruptcy.

The Denver-based low-cost carrier said its combination with the Dania Beach, Florida-based Spirit would create a stronger low-cost carrier and benefit “from the very significant synergies Frontier expects to achieve by combining the airlines’ operations.”

Frontier Airlines has proposed merging with bankrupt Spirit Airlines, suggesting it offers a more valuable alternative to Spirit’s current restructuring plan, following a previously derailed merger in 2022 due to a competing JetBlue offer.

Spirit Airlines rejected Frontier Airlines' second attempt to merge the two companies on Wednesday and will continue with its plans to exit bankruptcy. Frontier made an offer in early January for Spirit stakeholders to acquire $400 million in new debt and obtain 19% of Frontier's stock.

Frontier Airlines is making another offer to merge with bankrupt Spirit Airlines, less than two years after a previous plan fell through.

Spirit said almost immediately that it's not interested in the sale, and an attempted merger between the two airlines came to nothing in 2022

Frontier Airlines is attempting for a second time to merge with the now bankrupt Spirit Airlines, which declared bankruptcy late last year as budget airlines struggle.

Spirit Airlines rejected a $400 million merger proposal from Frontier this week, saying the offer was financially inadequate and came too late. Spirit Airlines declined an opportunity to merge with rival low-cost airline Frontier on Wednesday.