Pilots at Frontier Airlines have approved a concessionary agreement that is part of a cost improvement programme management is undertaking to combat fuel price volatility.
Frontier parent company Republic Airways Holdings unveiled the plan on 3 May.
"The new pilot agreement combined with other savings we have been able to secure in recent weeks bring us more than halfway to our annual profitability improvement goal of $120 million," said Bryan Bedford, CEO of Frontier and Republic Airways Holdings.
Because of the progress that Frontier has made, Bedford said that the company's board "will move forward with its commitment to invest additional liquidity in Frontier to fund the airline's operations and future growth".
Frontier reported that 89% of the pilots participated in the vote, and 89.6% of those voting approved the measures. "We are confident this agreement will allow Frontier to flourish and grow in the future," said Frontier Airlines Pilots Association (FAPA) President Jeff Thomas.
Concessions agreed to by the pilots included the "postponement of certain pay increases". In exchange for the concessions, FAPA will receive an equity holding in Frontier, and Republic will make "a good faith effort" to attract new investment in Frontier that will reduce Republic's holding in the Denver-based airline "to a minority interest by December 31, 2014".
The airline said that it continues to "negotiate agreements with key stakeholders, including aircraft lessors, significant suppliers and distribution partners".