Spirit Airlines rejected Frontier Airlines' second attempt to merge the two companies on Wednesday and will continue with its plans to exit bankruptcy. Frontier made an offer in early January for Spirit stakeholders to acquire $400 million in new debt and obtain 19% of Frontier's stock.

Rather than accept Frontier’s offer, Spirit said it will stick to its current plan to emerge from Chapter 11 bankruptcy.

Spirit, which filed for bankruptcy protection last year, says it has rejected the new Frontier overture but would be open to a higher offer.

Frontier Airlines said Wednesday it has again proposed combining with Spirit Airlines, which is in bankruptcy.

Frontier Airlines is attempting for a second time to merge with the now bankrupt Spirit Airlines, which declared bankruptcy late last year as budget airlines struggle.

Frontier said in a release that it has met with Spirit’s board and executives since it made its proposal this month.

Spirit Airlines rejected a $400 million merger proposal from Frontier this week, saying the offer was financially inadequate and came too late. Spirit Airlines declined an opportunity to merge with rival low-cost airline Frontier on Wednesday.