01/27/2012 01:33 pm ET

Frontier Airlines Returning Headquarters To Denver After Several Years Under Republic Airways In Indianapolis, Milwaukee

After Republic Airways Holdings purchased Frontier Airlines out of bankruptcy in 2009, Denver's home-grown airline had to relocate its headquarters to Indianapolis. In a highly publicized debate at the time, Republic shifted hundreds jobs away from Denver to Milwaukee. Now, more than two years after flying the coop, Frontier will return to Denver, but plenty is still up in the air.

The Denver Business Journal reported Thursday that Frontier's new CEO David Siegel has two main goals: prepare the company for new ownership, and reconnect the airline with Denver in a substantial way.

Frontier will likely be spun off from Republic sometime in the third or fourth quarter of this year. Potential suitors include private-equity investors, another airline, or potentially to existing Republic shareholders, according to the Denver Post.

"We have been focused inwardly on our survival," said Siegel to the paper. "This is a new chapter for us. Now we can start to grow again."