Spirit Airlines on Thursday rejected Frontier Airlines' latest proposal for a merger, which would have helped bring the Florida-based carrier out of bankruptcy to join forces with its top competitor.

Spirit Airlines has again rejected a third takeover bid from budget rival and Denver-based Frontier Airlines, saying that it would focus on its own plan to emerge from bankruptcy and stabilize its finances.

The discount airline said it plans to focus on a reorganization plan for future operations. Spirit said its restructuring will provide more value to stakeholders.