JetBlue airplanes on the tarmac at JFK International Airport in New York City.
Adam Jeffery | CNBC
A senior creditors group for JetBlue Airways is working with restructuring adviser PJT Partners, The Wall Street Journal reported on Friday, citing people familiar with the matter.
A surge in jet fuel expenses due to the Iran war has pressured margins for U.S. airlines despite higher airfares and steady demand for air travel.
The carrier’s shares, which are down 42% this year, closed 0.94% lower at $2.62 on Friday.
JetBlue is undergoing a financial and operational overhaul to cut costs and plans to expand its premium offerings.
As of June 30, JetBlue had $1.66 billion in cash and cash equivalents along with $8.5 billion of debt and finance lease obligations, according to its filings.
“JetBlue remains confident in its JetForward strategy and the progress being made toward returning to sustained profitability,” the company said in an emailed statement.
PJT did not immediately respond to a Reuters request for comment.
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