Frontier Airlines is making another attempt to acquire struggling rival Spirit Airlines. Frontier argued that a merger would be more beneficial for Spirit’s bondholders than the airline’s current standalone bankruptcy plan. Spirit’s CEO and chairman agreed that a merger with Frontier would create a strong competitor but rejected Frontier’s latest offer as inferior to prior discussions. Spirit plans to exit bankruptcy in the first quarter. Its plan would give creditors $840 million in secured notes and full equity. Frontier’s alternative proposal offers $400 million in notes, a 19 stake in a merged airline, and some recovery for Spirit shareholders.