JetBlue and Spirit Airways stated Friday they’ll attraction a federal decide’s ruling this week that blocked their plan to mix right into a single service.
The airways stated they filed a discover of attraction with the first U.S. Circuit Courtroom of Appeals, following the phrases of their settlement.
The Justice Division, which sued to dam JetBlue’s proposed $3.8 billion buy of Spirit, declined to remark.
JetBlue and Spirit are the nation’s sixth- and seventh-largest carriers. JetBlue, which outbid Frontier Airways, stated it wanted to accumulate Spirit to compete extra successfully towards even greater airways.
However on Tuesday, a federal decide in Boston dominated that the deal violated antitrust legislation. The U.S. Justice Division had sued to cease the deal, arguing that customers could be harmed and compelled to pay larger fares if Spirit — the nation’s largest low cost airline — have been eradicated.
The airways introduced their attraction in an announcement that offered no different particulars.
Earlier Friday, Spirit stated {that a} sturdy holiday-travel season in December boosted its fourth-quarter income. The Miramar, Florida-based airline additionally stated that it’s making an attempt to refinance $1.1 billion in debt that’s due for fee in September 2025.
Spirit additionally stated that negotiations with Pratt & Whitney over engines that should be reworked — ensuing within the grounding of a median of 26 planes a day all through 2024 — “have progressed significantly since October.” The airline stated it expects compensation that may present “a big supply of liquidity over the subsequent couple of years.”
Spirit has been dropping cash because the begin of 2020. Some analysts stated it might face chapter with out the merger with JetBlue.
The airways introduced their intention to attraction U.S. District Choose William Younger’s ruling after the inventory market closed on Friday.
Shares of Spirit, which fell 62% over three days following the ruling, gained 17% in common buying and selling Friday, and rose one other 13% in after-hours buying and selling. JetBlue’s shares fell 2% in prolonged buying and selling.
