A group of budget airlines, including Avelo and Frontier Group (ULCC), are asking for $2.5B in government assistance in exchange for warrants that can be converted into equity stakes, Dean Seal, Alison Sider, and Brian Schwartz of The Wall Street Journal reports, citing people familiar with the matter. The group decided on the $2.5B figure by calculating the estimated spending on jet fuel this year compared to earlier forecasts, some sources said.
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