JetBlue creditors working with restructuring adviser PJT Partners, WSJ reports (updated)
UPDATE 1-JetBlue creditors working with restructuring adviser PJT Partners, WSJ reports Updates with JetBlue statement in bullet 4
Oct 23 (Reuters) - A senior creditors group for JetBlue Airways JBLU.O is working with restructuring adviser PJT Partners PJT.N, 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)
((Anshuman.Tripathy@thomsonreuters.com;))
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JetBlue creditors working with restructuring adviser PJT Partners, WSJ reports (updated)
JetBlue creditors working with restructuring adviser PJT Partners, WSJ reports