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Jet Airways lenders are reluctant to extend additional loans to the cash-strapped airline ahead of a key report by the company’s financial auditor, according to people with direct knowledge of the matter. The carrier, part-owned by Etihad Airways, had approached banks for emergency funding but the lenders prefer that the company raises money from a share sale before they would commit to any fresh credit, said one of the people. Lenders are waiting for auditors’ endorsement of financial accounts after the airline delayed its earnings announcement last week, the people said. Monday, the airline said it’s been evaluating funding options to meet liquidity requirements “on priority” and proactively working on multiple revenue enhancement and cost-cutting measures. <br/>

The pilots' union of beleaguered Jet Airways has sought details of the firm's turnaround strategy, including the various cost-cutting measures and the fund utilisation amid the airline flying into financial turbulence. The move comes in the backdrop of CE Vinay Dube informing the shareholders last week that the airline was looking at all elements of cost restructuring, including the employees' payrolls, indicating that the proposal was put on-hold. Jet Airways, however, said Tuesday that it has a transparent and open culture and employees as well as the management regularly engage to discuss matters of mutual concerns through different platforms." We have told the management to share with us its much-talked about turnaround plan," a senior pilot associated with the National Aviator's Guild said. <br/>