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.

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

Discount carrier says a merger would be a better path out of bankruptcy for Spirit, which has rebuffed the latest proposal.