Key Takeaways Spirit Airlines has rejected a renewed offer from Frontier Airlines, instead opting to continue with its bankruptcy restructuring.The sides detailed new communications from the last several weeks in SEC filings on Wednesday.

Frontier Airlines is attempting for a second time to merge with Spirit Airlines, which declared bankruptcy late last year as budget airlines struggle. Frontier Group Holdings Inc., the parent company of Frontier Airlines, said Wednesday that the proposed deal would include newly issued Frontier debt and common stock.

Rather than accept Frontier’s offer, Spirit said it will stick to its current plan to emerge from Chapter 11 bankruptcy.