JetBlue creditors are working with restructuring adviser PJT Partners, WSJ reports
A surge in jet fuel expenses due to the Iran war has pressured margins for U.S. airlines despite higher airfares and steady demand for air travel.
A group of JetBlue Airways creditors is collaborating with restructuring adviser PJT Partners, according to a report by the Wall Street Journal. The surge in jet fuel costs due to the Iran conflict has put pressure on US airlines' profit margins, despite higher airfares and stable demand for air travel. JetBlue's stock has dropped by 42% this year and shares have been volatile in after-hours trading.
The airline is currently undergoing a financial and operational transformation to cut costs and is planning to enhance its premium services. As of June 30, JetBlue had $1.66 billion in cash and cash equivalents, alongside $8.5 billion in debt and finance lease obligations, as per its financial disclosures. The company expressed confidence in its JetForward strategy and progress towards regaining sustained profitability in an emailed statement. However, PJT Partners has not yet provided a response to a Reuters inquiry for further comment.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
