Frontier Airlines (Nasdaq: FRNT ) today announced it has prepaid in full the principal balance of a senior secured note with Wexford Management LLC, an investment management firm based in Greenwich, Conn. Wexford loaned Frontier $5 million in December 1997, which was originally payable in full in December 2001. The balance of the Wexford note on the date of prepayment was $943,135. In conjunction with the prepayment of the Wexford loan, the airline announced the resignation of Arthur H. Amron, 42, who represented Wexford on the airline`s board of directors.
“We are grateful for Arthur`s contributions to Frontier,” said Frontier President Sam Addoms. “During his term, he provided knowledgeable counsel and prompted us to look at our company with a fresh perspective. In addition, the Wexford support came at a critical point in our history and assisted us with bringing Frontier to its successful position today.”
The airline`s board will now consist of six outside members, including Chairperson B. LaRae Orullian, and one inside director, company President and CEO Sam Addoms. The airline does not plan to replace Amron at this time.