Frontier Airlines has received bankruptcy court approval of its reorganization plan, the Denver-based carrier announced today.

The action by the U.S. Bankruptcy Court for the Southern District of New York is the last major hurdle before Frontier emerges from bankruptcy.

Republic Airways Holdings is expected to acquire all of the assets of Frontier and its subsidiary, Lynx Aviation, on about Oct. 1.

"This is an extremely proud day for everyone in our company," said Frontier chief executive Sean Menke. "Many people doubted that we would even survive, let alone accomplish a successful reorganization, provide a recovery for our creditors and emerge a stronger competitor and company."

Menke, who thanked Frontier and Lynx employees for their hard work and sacrifice, said the airline will be "a successfully restructured airline, well-positioned to be a competitive, successful, sustainable airline for years to come."