A Jet Airways Ltd. aircraft takes off at Mumbai Airport. (Photographer:Santosh Verma/Bloomberg News)

Jet Airways Says It Didn’t Seek Moratorium On Loans

Crisis-hit Jet Airways India Ltd. said it's implementing a turnaround strategy and has not sought a moratorium on loans from lenders.

“The company is engaged in implementing board approved turnaround strategy and will make due announcements with respect to specific measures once finalised,” an airline spokesperson said. The spokesperson said the airline hasn't sought moratorium on any loans or reduction of interest rates from its lenders, contrary to reports.

The full-service carrier, which is grappling with financial woes, has delayed payment of salaries to employees.

Jet Airways Group posted a net loss of Rs 1,326 crore in the three months ended June 2018. Along with the quarterly results, the airline’s board, during its meeting on Aug. 27, considered various cost-cutting measures, debt reduction and funding options, including infusion of capital and monetisation of assets.

Given the challenging business environment, Jet Airways has been implementing additional measures to reduce costs and achieve greater efficiencies of operations, it said in a release.

Also read: Jet Airways Seeks Loan Moratorium to Ease Cash Crunch