Cash-strapped Jet Airways asks banks for loan rejig

Cash-strapped Jet Airways asks banks for loan rejig
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New Delhi, Oct 24: In a bid to stay afloat, Jet Airways has asked banks to give a moratorium and restructure its loan, while seeking fresh funds to meet working capital requirement. The struggling airline has a debt of over Rs 7,300 crore as of June 30.
Asked to comment, 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 optimisation, exploring funding options such as capital infusion, monetisation of the company’s stake in its loyalty programme.”
She added that the airline will “make due announcements with regard to specific measures once finalised”.
According to Bloomberg data, Jet has the highest proportion of short-term debt to total debt at 46% compared with Asian peers.