Oct 23 (Reuters) – A senior creditors group for JetBlue Airways is working with restructuring adviser PJT Partners, the Wall Street Journal reported on Friday, citing people familiar with the matter.
A surge in jet fuel expenses due to the Iran war has pressured margins for US airlines despite higher airfares and steady demand for air travel.
• Shares of the carrier, which have fallen 42% this year, remained volatile in extended trading
• JetBlue is in the midst of a financial and operational overhaul to reduce costs and plans to boost its premium offerings
• As of June 30, JetBlue had $1.66 billion in cash and cash equivalents along with $8.5 billion of debt and finance lease obligations, according to its filings
• “JetBlue remains confident in its JetForward strategy and the progress being made toward returning to sustained profitability,” the company said in an emailed statement
• PJT did not immediately respond to a Reuters request for comment
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Sahal Muhammed and Tom Hogue)
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