Wednesday, October 24, 2018

Jet Airways gets winter schedule approved for a month, rest to follow depending on aircraft availability

New Delhi: In a bid to stay afloat, Jet Airways has asked banks to give moratorium and restructure of its loan, while seeking fresh funds to meet working capital requirement. The struggling airline has debt of over Rs 7,300 crore on June 30.

The cash-strapped airline has grounded over 12 planes and the DGCA has approved one-month winter schedule of domestic flights — that is in effect from October-end to March-end — for the struggling carrier. Jet’s domestic schedule from December to March-end will be decided later depending on how many aircraft the airline has, said top sources.

Asked to comment on loan moratorium, a Jet spokesperson said a board-approved turnaround strategy is currently under implementation to cut costs and enhance revenue. This includes “working on restructuring of our balance sheet via debt-reduction, streamlining cash flows, payroll optimization, exploring funding options such as capital infusion, monetization of the company’s stake in its loyalty programme.…” She added the airline will “make due announcements with regard to specific measures once finalized.”
24/10/18 Saurabh Sinha/Times of India