Frontier Airlines (Nasdaq: FRNT ) received its first payment today as a result of the recent passage of the Air Transportation Safety and System Stabilization Act. The airline, which anticipates it will receive up to $20.2 million for economic losses as a result of the Sept. 11, 2001 terrorist attacks, today received $10.1 million or 50 percent of that amount.
Frontier Chief Executive Officer Sam Addoms stated, “We are extremely appreciative of the efforts of the 107th Congress and President Bush to ensure a financially healthy air transport system. The statements issued today by President Bush in regard to airline and airport security initiatives, and the speed and decisiveness demonstrated by the swift implementation of this aid package, are a testament to our government`s resolve to support this industry`s recovery from the recent terrorist acts and to return Americans to their daily lives. On behalf of all Frontier employees, we applaud those efforts and remain committed to doing our part to restore the public`s confidence in air travel.”