Spirit Airlines and JetBlue's Proposed Merger Blocked, Companies File Appeal
Despite Financial Struggles and Court Ruling, Spirit Airlines Forecasts Positive Fourth Quarter Results
- Spirit Airlines and JetBlue's proposed merger was blocked by a federal judge citing antitrust law, raising questions about the future of both companies.
- Spirit Airlines, which has been losing money for four years, saw its share price fall by more than half after the court ruling.
- Despite speculation of bankruptcy, Spirit Airlines issued a positive forecast about its forthcoming financial results for the fourth quarter of 2023, stating it had access to more than $1 billion in cash at the end of 2023.
- JetBlue and Spirit have jointly filed a notice of appeal to the U.S. Court of Appeals for the First Circuit, challenging the court's decision.
- The decision to block the merger has sparked questions about the future of a proposed Alaska Airlines acquisition of Hawaiian Airlines.
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