UPDATE 1-Republic Air looks to sell or spin off Frontier
* Frontier unit acquired in 2009
* Shares up 37 pct
Nov 8 (Reuters) - Republic Airways Holdings Inc said on Tuesday that it will look to separate its Frontier unit and would consider a sale or spin-off.
"We intend to engage financial advisors to determine the most shareholder friendly method to return Frontier Airlines to a healthy, well capitalized and independent, low-cost airline," Republic Airways Chief Executive Bryan Bedford said during an earnings conference call.
Bedford added that Frontier could be attractive "to private equity or to our shareholders or potentially to a strategic investor."
Indiana-based Republic, which operates Republic Airlines and Chautauqua Airlines, bought Frontier Airlines out of bankruptcy in 2009.
Shares of Republic Airways were up 37 percent, or 99 cents, to $3.68 on Nasdaq.
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