Republic Holdings, United face turbulent skies

Long before the rest of economy went to pot, the airline industry was awash in an ocean of red ink. Some things never change. Republic Airways Holdings (RJET) yesterday offered to buy bankrupt Frontier Airlines (FRNTQ) for $108.8 million. Indianapolis-based Republic will still need to get court approval to bring the airline out of bankruptcy.

Republic gave a $40 million debtor-in-possession loan to Frontier and held a $150 million unsecured claim, so it's no surprise that Republic wanted to buy the airline, the Associated Press said.