Any last bit of hope that the $3.8 billion JetBlue merger with Spirit will still take place appears to be fading.

JetBlue is raising doubts on its own about the future of the deal, per Reuters. Representatives from the airline have apparently indicated that it may not be able meet some of the conditions for the agreement.

JetBlue representatives however, did not provide any explanation about what might bar the airline from meeting the agreement conditions.

What¡¯s more, JetBlue has told Spirit that the merger agreement could be entirely called off as of this Sunday.

Earlier this month, U.S. District Judge William Young issued a ruling blocking the proposed merger between the two airlines. Citing antitrust concerns, the judge said that if JetBlue and Spirit were to forces the result would be higher airfare for consumers.

On the heels of today's news that JetBlue now has cold feet, shares of Spirit¡¯s stock dropped 11.8 percent today. That¡¯s in addition to stock losses of about 55 percent already for the month. Spirit¡¯s stock tumble was precipitated by a federal judge¡¯s decision to reject the merger deal.

JetBlue however, doesn¡¯t not appear to have been similarly impacted. It¡¯s shares were up 2 percent during Friday trading, Reuters reported.

Spirit meanwhile, has said there is no reason to terminate the merger plan. Reuters reports that Spirit plans to fulfill its part of the contract obligations. Spirit also holds out hope that JetBlue will similarly follow through with its end of the deal.

In addition, Spirit has been urging JetBlue to appeal the federal judge's decision on the merger.

Should the merger not come to pass, the future may be challenging for Spirit. In addition to its stock prices dropping, the airline has a significant debt load that will come due in 2025.

Additionally, there appears to be challenges with lack of demand in some of its key markets. There have also been reports that the airline may ultimately file for bankruptcy.

There is some hope for Spirit however. The airline said it is expecting to receive compensation from supplier Pratt & Whitney in relation to several jets that were grounding. That money could provide a lifeline for the airline.

If the merger is ultimately not closed, JetBlue owes Spirit¡¯s stockholders $470 Million in reverse breakup fees.

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