Frontier Airlines negotiated with a handful of potential financial backers after filing for bankruptcy protection in April. But as oil prices hit record highs in June and Frontier’s prospects dimmed, they began to fall away. All but one.
Denver-based Frontier, said it received a $75 million debtor-in-possession financing commitment from Perseus.

The airline said the change means that travelers can now get a confirmed seat instead of having to wait on standby. Frontier also said the change will eliminate the delays of boarding standby passengers, and will start charging travelers to switch flights on the day of their travel, and will charge $150 to make changes on days prior to the flight.

The proposed DIP funding, coupled with Frontier’s negotiations with partners to improve liquidity, reduce expenses, and preserve cash, is expected to provide sufficient working capital for the Company’s operations. The Company continues to work with its partners and employees to obtain additional liquidity, reduce expenses and enhance revenues.

Frontier said the investment firm’s involvement in the airline’s reorganization allows Perseus to buy 79.9 percent of the equity in the reorganized company for $100 million.

Airlines represent a new area for Perseus, which describes its specialties as branded consumer products, business and outsourced services, energy, health care and life sciences and technology.