Frontier Airlines hoped to create a low-cost airline giant, but Spirit isn’t interested—at least, not at this price. Spirit Airlines has rejected a merger offer with Frontier as it prepares to exit bankruptcy.

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

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.

Frontier Group Holdings Inc (ULCC) and Spirit Airlines Inc (SAVEQ) drew retail attention on Thursday after the latter rejected Frontier's new merger offer. Frontier’s proposal involved combining with Spirit in a transaction that provides for the issuance of $400 million principal amount of debt by the firm and 19% of its common equity at the closing of the transaction,

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.