Just one day after announcing its plans to acquire Frontier Airlines, Republic Airways said Tuesday it will buy Midwest Airlines for $31 million in cash and debt. Milwaukee-based Midwest has downsized sharply and flirted with bankruptcy since a private equity group, in partnership with Northwest Airlines, paid $452 million for the carrier in January 2008. Republic CEO Bryan Bedford promised to keep the Midwest name, add new flights and retain most Midwest employees, though some union pilots and flight attendants could see pay cuts.

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