Jet Airways flies into financial turbulence; pilots reject pay cut proposal
Amid rising concerns over its financial health and pilots on war path over proposed pay cuts, Jet Airways today expressed confidence of overcoming the current issues as it said the mismatch between high fuel prices and low fares is the biggest short-term challenge.
On a day when its shares plunged 7 per cent, Jet Airways sought to assure investors and employees saying the airline is working on having a competitive cost structure, days after the management reportedly told staff that it does not have enough funds to continue operations for more than two months.
Seeking to dispel the concerns, Jet Airways today issued two statements -- one as a filing to the stock exchanges and one to the media -- besides a message to the employees.
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Jet Airways -- which has been flying for 25 years -- today described reports that the airline cannot fly beyond 60 days as "incorrect and malicious" as well as denied any talks of a stake sale.
Earlier this week, the top management in a meeting with staff, including pilots, informed them that the airline is in a financially bad shape and sought their cooperation in reducing costs. The proposed steps include pay cuts, sources in the pilot community told
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)