News Summary

• JetBlue and Spirit said Friday that they will appeal a judge's decision that would block them from completing their blockbuster merger.In a press release, the airlines said that they had filed a notice of appeal "consistent with the requirements of the merger agreement..
• Sign up for TPG's free biweekly Aviation newsletter.In a memo to employees shared with TPG by a source familiar with the matter, the airline's general counsel Brandon Nelson noted that the airline was still under obligations of the merger agreement..
• "Our view is that there is real bankruptcy risk at Spirit without a swift change in fundamentals," Connor Cunningham of Melius Research wrote in a research note..
• "It's possible that Spirit would fold completely, wrote analyst Helane Becker of TD Cowen..
• Spirit said that it was in a precarious financial position and could no longer compete effectively with its particular ultra-low-cost business model..
• "We believe the best case scenario for Spirit is a Chapter 11 filing followed by a liquidation (Chapter 7)," Becker wrote..