Jet Airways India Ltd.’s lenders are reluctant to extend additional loans to the cash-strapped airline ahead of a key report by the company’s financial auditor, according to people with direct knowledge of the matter.
India’s biggest full-service carrier, part-owned by Etihad Airways PJSC, had approached banks for emergency funding but the lenders prefer that the company raises money from a share sale before they would commit to any fresh credit, said one of the people, who asked not to be identified as the matter is confidential. Lenders are waiting for auditors’ endorsement of financial accounts after the airline delayed its earnings announcement last week, the people said.
A spokesman for Jet Airways didn’t respond to emails and calls seeking comments on its efforts to repay borrowings. In a separate statement late Monday, the airline said it’s been evaluating funding options to meet liquidity requirements “on priority” and proactively working on multiple revenue enhancement and cost-cutting measures.
13/08/18 George Smith Alexander , Anto Antony , and P R Sanjai/Bloomberg
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India’s biggest full-service carrier, part-owned by Etihad Airways PJSC, had approached banks for emergency funding but the lenders prefer that the company raises money from a share sale before they would commit to any fresh credit, said one of the people, who asked not to be identified as the matter is confidential. Lenders are waiting for auditors’ endorsement of financial accounts after the airline delayed its earnings announcement last week, the people said.
A spokesman for Jet Airways didn’t respond to emails and calls seeking comments on its efforts to repay borrowings. In a separate statement late Monday, the airline said it’s been evaluating funding options to meet liquidity requirements “on priority” and proactively working on multiple revenue enhancement and cost-cutting measures.
13/08/18 George Smith Alexander , Anto Antony , and P R Sanjai/Bloomberg
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