A group of JetBlue Airways’ largest creditors has brought in financial adviser PJT Partners and law firm Akin Gump Strauss Hauer & Feld to evaluate the airline’s financial standing amid ongoing cash burn and rising fuel prices, The Wall Street Journal reported Friday, citing people familiar with the matter.
The move comes as JetBlue works to improve its financial performance by pursuing cost reductions and investing in higher-end services as part of its JetForward strategy, which is intended to put the company on a path toward sustained profitability.
JetBlue reported $1.66 billion in cash and cash equivalents as of June 30, alongside $8.5 billion in debt and finance lease obligations, according to its financial filings. Its stock has fallen 42% this year, closing Friday at $2.62 per share after slipping 0.94%.
Fuel expenses have emerged as a significant challenge for the carrier. Disruptions to oil supplies caused by the U.S.-Iran war, which began in February 2026, have driven up the cost of jet fuel, squeezing airline profits even as ticket prices rise and demand for travel remains steady.
JetBlue’s average fuel cost climbed 76% to $4.23 per gallon in the second quarter, reflecting the growing expense of operating flights. Airlines have responded to higher fuel bills by increasing fares, shifting some of the added costs to passengers.
JetBlue is not the only carrier grappling with rising fuel expenses. American Airlines, Delta Air Lines, United Airlines and Southwest Airlines have all lowered their earnings forecasts this month.
American Airlines posted record revenue in the third quarter, but rising fuel costs ate into its financial gains. Elevated fuel prices also contributed to Spirit Airlines’ collapse, with the carrier citing the “massive and sustained increase in fuel prices” as a key factor for ceasing operations in May 2026.
JetBlue has faced questions about its financial future before. Earlier this year, reports indicated that the airline had explored a potential sale to another carrier.
The latest creditor advisory move does not, by itself, establish that a sale or bankruptcy filing is imminent. In a statement, JetBlue said it remained committed to its current turnaround plan.
“JetBlue remains confident in its JetForward strategy and the progress being made toward returning to sustained profitability,” the company said.
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