LOS ANGELES (MarketWatch) -- Frontier Airlines Holdings /quotes/comstock/11i!frntq (
FRNTQ 0.06, -0.01, -16.88%) said Monday that the judge presiding over its Chapter 11 bankruptcy cases in New York has approved the proposed $108.75 million purchase of the company by Republic Airways Holdings /quotes/comstock/15*!rjet/quotes/nls/rjet (
RJET 5.25, -0.08, -1.50%) upon Frontier's emergence from bankruptcy. The agreement provides for an auction period, said Frontier in a statement. Bidders interested in placing a competing bid must submit an initial proposal by Aug. 3 and a final proposal by Aug. 10. If necessary, an auction will be held on Aug. 11. Frontier said it expects to emerge from Chapter 11 this autumn.