07:20 AM EDT, 10/23/2024 (MT Newswires) -- Frontier Group Holdings ( ULCC ) is exploring reviving its bid for Spirit Airlines ( SAVE ) and the companies have held early-stage discussions for a possible merger, The Wall Street Journal reported Wednesday, citing people familiar with the matter.

If a deal takes place, it will likely be part of Spirit restructuring its debt and other liabilities in bankruptcy, the sources told WSJ.

Frontier agreed to buy Spirit in a $2.9 billion deal in 2022, but JetBlue Airways (JBLU) made a higher offer. The Justice Department sued to challenge the JetBlue-Spirit merger and a federal judge blocked the transaction earlier this year over antitrust concerns. JetBlue terminated its merger agreement with Spirit in March.

Frontier and Spirit did not immediately respond to MT Newswires' request for comment.

Spirit shares jumped more than 34% in recent premarket activity while Frontier shares were inactive.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)