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Sep 26, 2001
Frontier Airlines Applauds Passage of Air Transportation Safety and System Stabilization Act
DENVER (Sept. 26, 2001) - Frontier Airlines (Nasdaq: FRNT ) today issued the following statement regarding the recent passing of the Air Transportation Safety and System Stabilization Act.
Frontier Chief Executive Officer Sam Addoms stated, "We applaud the swift and decisive actions of our 107th Congress and President Bush, and commend their dedication to the aviation industry and our economy, as evidenced by the passing of the Air Transportation Safety and System Stabilization Act. Our nation has suffered a great loss, and Frontier Airlines joins with the rest of the industry in reaffirming our commitment to keep people and goods moving across our country. The provisions of this Act will help us honor that commitment."
The Air Transportation Safety and System Stabilization Act provides $5 billion in compensation for direct losses incurred beginning on Sept. 11, 2001, as a result of the nationwide ground stop, and for the resulting demonstrable losses that airlines will incur through the end of the year. The bill also provides $10 billion in federal loan guarantees and credits, limits an individual air carrier's liability for the events of September 11th to the amount of their insurance and expands certain "war risk insurance" coverage for the airlines.
Denver-based Frontier Airlines is the second largest jet service carrier at Denver International Airport, serving 23 cities coast to coast with a fleet of 27 aircraft and employing approximately 2,200 aviation professionals. In June 2001, BusinessWeek ranked Frontier 14th on its list of Hot Growth Companies and in September 2001, Fortune magazine ranked Frontier 41st on its 100 Fastest Growing Companies list. Frontier provides capacity and other data and industry comparisons on its Web site, which may be viewed at www.frontierairlines.com.