What happened
Spirit Airlines, currently in bankruptcy after shutting down operations on May 2, intends to auction its 22 takeoff and landing slots at New York City's LaGuardia Airport (LGA) on July 9. The airline estimates the portfolio could fetch at least $87 million. The Port Authority of New York and New Jersey has objected to the auction in bankruptcy court, arguing that slots are not "fungible and transferable" without corresponding airport sponsor permission. Spirit filed a response on Monday asking the court to dismiss the objection, asserting the Port is aware of the regulatory framework. Federal Aviation Administration administrator Bryan Bedford has indicated a preference for another budget airline to acquire the slots, with Frontier Airlines considered a strong candidate, though American, JetBlue, and Southwest are also potential bidders. A court hearing on the proposed auction is scheduled for June 10