JetBlue creditors hire restructuring advisors as bonds, stock drops - WSJ
LeoPatrizi
JetBlue (JBLU) creditors are organizing with advisors as the airline deals with cash burn and increasing oil prices.
A group of senior creditors are working with PJT Partners and law firm Akin Gump, according to a WSJ report on Friday, which cited people familiar with the matter.
A representative for JetBlue (JBLU) told the WSJ the airline is focused on strengthening revenue and building a more profitable business. The company plans to update its progress and financial outlook during its Q3 earnings call on Tuesday.
Shares of JetBlue (JBLU) fell to a record low on Thursday, with short interest climbing to more than 30% of float. The defensive tone was exacerbated by Q3 results from American Airlines (AAL) that underscored the detrimental impact high fuel costs are having on the airline industry’s bottom line.
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