Frontier reports $8.8 million loss in June |

Frontier reports $8.8 million loss in June

The Associated Press
Aspen, CO Colorado

DENVER ” Frontier Airlines reported an $8.8 million loss in June, according to bankruptcy court filings.

The carrier had reported losses of $22 million in May and $16.5 million for the period in April after it filed for Chapter 11 bankruptcy protection. It had a cash balance of $66.8 million including short-term investments at the end of June, down from $118.5 million at the end of May, according to bankruptcy court filings Tuesday.

Results for the year-ago periods were not available, since Frontier reported 2007 results quarterly instead of monthly.

Revenue in June was $132.1 million, up from $120 million in May.

Also Tuesday, Frontier said it entered into a letter of intent to sell six of its 47 Airbus A319 aircraft to VTB Leasing, amending a previous agreement for VTB to buy two Airbus A318s and two A319s. VTB will no longer take the A318s but will take the six extra A319s instead in August, under the agreement. Frontier said the sale and an agreement on other sale-leaseback transactions would help it realize $80 million in net proceeds.

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