India’s regulator to audit troubled Jet Airways
India’s aviation regulator will conduct an audit on cash-strapped Jet Airways.
The move follows the deferment of its quarterly results for April-June after auditors refused to approve it amid growing concerns over its ability to remain solvent.
The Directorate General of Civil Aviation will focus on Jet Airways’ ability to maintain safety standards while dealing with its financial problems.
The airline said last week it is looking to streamline certain functions to cut costs, which includes maintenance.
The airline is aware of the audit and is preparing for it.
"At Jet, safety is of paramount importance," a spokesperson said.
"Financial difficulties and their impact on operations and maintenance call for an audit to check if the airline is facing an issue on payments to vendors, oil companies, and aircraft lessors," a DGCA official said.
The airline has acknowledged it is in some financial difficulty but has not defaulted on payments to creditors but has imposed pay cuts of up to 25% for senior management grades.
It has been reported that the airline has approached overseas lenders seeking a loan waiver of $185 million debt.
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