Jet Airways to hold board meeting on 14 February to approve December quarter results

Jet Airways, which is grappling with acute financial problems, on Friday said its board will meet on 14 February, to approve the unaudited financial statements for the third quarter and nine months ended 31 December, 2018

Press Trust of India February 08, 2019 14:05:49 IST
Jet Airways to hold board meeting on 14 February to approve December quarter results
  • Jet Airways is grappling with acute financial problems, is working to restructure its debt as well as raise fresh funds

  • Amid the cash crunch, the airline is making delayed payment of salaries to many of its staff

  • On Thursday, the full-service carrier said four planes have been grounded due to non-payment of amounts outstanding to lessors under lease agreements

New Delhi: Jet Airways, which is grappling with acute financial problems, on Friday said its board will meet on 14 February, to approve the unaudited financial statements for the third quarter and nine months ended 31 December, 2018.

"The meeting of the board of directors of the company shall be held on 14 February, 2019, inter alia, to approve the unaudited financial statements for the third quarter and nine months ended 31 December, 2018," Jet Airways said in a filing to the BSE.

Shares of the company fell by 2.24 percent to Rs 231.30 on the BSE.

Jet Airways to hold board meeting on 14 February to approve December quarter results

Representational image. Reuters.

Meanwhile, in a filing to stock exchanges on Thursday, Jet Airways said four planes have been grounded due to non-payment of amounts outstanding to lessors under lease agreements.

"The company is actively engaged with all its aircraft lessors and regularly provides them with updates on efforts undertaken by the company to improve its liquidity," it said.

Cash-starved Jet Airways has mopped up Rs 250 crore from advance sale of tickets to its customer loyalty programme Jet Privilege, less than five months after raising money through the same route.

The full-service carrier, which is grappling with acute financial problems, is working to restructure its debt as well as raise fresh funds.

"Similar to what was done in October 2018, Jet Privilege Private Limited (JPPL) concluded a second Prepaid Ticket Purchase agreement, for $35 million, with Jet Airways, which is in the normal course of business," the spokesperson said.

Amid the cash crunch, the airline is making delayed payment of salaries to many of its staff.

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