JetBlue Airways’ creditors are organising with advisers as the airline comes under intensified pressure ahead of its third-quarter earnings report, according to people familiar with the matter.

A group of creditors, including holders of $2 billion in bonds due 2031 and a $742 million first-lien loan, are working with PJT Partners and Akin Gump Strauss Hauer & Feld, the people said, asking not to be identified discussing private information. The debt and JetBlue shares reached record lows last week.

Representatives for JetBlue, PJT and Akin Gump did not immediately respond to requests for comment. The Wall Street Journal earlier reported the adviser appointments.

Creditors of the junk-rated carrier were spooked this week as other airlines slashed their guidance and warned of a prolonged impact from soaring fuel costs.

JetBlue’s bonds, which are backed by collateral tied to the company’s loyalty programme, lost ten cents last week to about 45 cents on the dollar. The loan has fallen 13 cents to 45 cents, according to data compiled by Bloomberg.

JetBlue has been closely watched by distressed-debt investors after budget carrier Spirit Aviation’s bankruptcy.

On Wednesday, United Airlines chief executive Scott Kirby warned some industry peers face deeper stress after Spirit’s collapse, though he didn’t name specific operators, as his company cut its full-year outlook.

JetBlue is projected to face a free cashflow deficit of about $1 billion in 2026, as higher jet fuel prices delay its turnaround, S&P Global Ratings analysts said in a June 8 note as they lowered its credit rating one notch to CCC+.

The company reported $6 billion of unencumbered assets and about $2 billion in cash on its balance sheet in the second quarter.

The rating agency noted that while JetBlue has sufficient liquidity and ample borrowing capacity, it warned “an increasing debt service burden exacerbates an already pressured cost structure”. It had about $8.5 billion in total debt as of the end of June.