Jet refutes additional funds, loan restructure reports

New Delhi: Cash-strapped Jet Airways on Wednesday dismissed media reports claiming that the airline sought additional funds and a restructuring of its loans from its lenders.

A statement from Jet Airways confirmed that “the Company has not sought a/any moratorium on any loans or reduction of interest rates from its lenders. The Company is committed to make appropriate disclosures, in accordance with Regulation 30 of SERI (Listing Obligations and Disclosure Requirements) Regulations, 2015, of those events/information that have a bearing on the operation/performance of the Company, applying guidelines for materiality of events, where applicable.”

Jet Airways has been facing a financial crisis with debt to the tune of Rs 7300 crore, causing the airline to default on salary payments of its employees in recent months.

The airline failed to pay full salary to their pilots, aircraft maintenance engineers (AMEs) and other senior-level employees for the month of August.

Jet also delayed the salary of its employees for the month of September, following which the airline issued an apology to its employees, saying they are “working towards a solution on the issue.”