Tuesday, Sep 16, 2014

Jet Airways chairman Naresh Goyal says will restructure debt, talking to bankers

The airline, which has not reported an annual profit since 2007, set out a three-year restructuring plan in May centred on cutting costs and boosting efficiency. (Reuters) The airline, which has not reported an annual profit since 2007, set out a three-year restructuring plan in May centred on cutting costs and boosting efficiency. (Reuters)
Reuters | New Delhi | Posted: July 23, 2014 1:36 pm

Jet Airways’ Chairman Naresh Goyal said the country’s No. 2 airline by market share will look at selling planes and restructuring its debts as it tries to find ways to end the losses that have plagued it for years.

Jet Airways is looking at a lot of consolidation (of our fleet),” Naresh Goyal said at a press event in India’s capital on Wednesday.

Naresh Goyal said the carrier is talking to its bankers without giving details of the discussions.

Like all but one of India’s major airlines, Jet is losing money fast, beset by high costs, low fares and cut-throat competition in its domestic market.

The airline, which has not reported an annual profit since 2007, set out a three-year restructuring plan in May centred on cutting costs and boosting efficiency. As the carrier struggles to turn around its fortunes, it also named Cramer Ball as its fourth chief executive within the space of a year, pending regulatory approvals.

comments powered by Disqus
Featured ad: Discount Shopping
Follow

Get every new post delivered to your Inbox.

Join 940 other followers