From Fortune:

JetBlue and Spirit Airlines are set to appeal the federal judge’s decision that blocked their merger. The proposed deal is valued at $3.8 billion.

The Justice Department, which opposed the deal, has declined to comment. JetBlue and Spirit are the nation’s sixth- and seventh-largest carriers.

The proposed merger was ruled against by a federal judge in Boston this week, citing antitrust concerns. The Justice Department argued that consumers would be adversely affected.

However, Spirit Airlines reported a boost in fourth-quarter revenue due to a strong holiday-travel season in December. The airline is also working to refinance $1.1 billion in debt due in September 2025.

The grounding of an average of 26 planes a day throughout 2024 due to the need for engine reworks has caused Spirit to lose money. Some analysts believe the airline could face bankruptcy without the merger with JetBlue.

Despite a stock market decline and intense speculation surrounding the ruling, both airlines are moving to appeal the decision.

Shares of Spirit Airlines fell sharply following the ruling but gained 17% in regular trading. JetBlue’s shares fell 2% in extended trading.



Read more: Spirit Airlines, JetBlue to appeal ruling blocking merger