Kuwait’s Jazeera Airways slashes workforce to cut costs on virus
Jazeera Airways of Kuwait laid off about 300 employees, or about a third of its workforce, in an effort to cuts costs as the coronavirus batters the airline industry. The low-cost airline is also talking to its lessors to try to defer or waive charges for as long as the pandemic persists, CEO Rohit Ramachandran said. The company has about $100m in cash reserves and isn’t currently talking to banks about financing or seeking government aid, he said. “We have many untapped lines of credit that we have the ability to call upon because of a strong balance sheet,” Ramachandran said. The company’s entire management team has taken a 50% pay cut since February, while the CEO isn’t receiving a salary at all, he said. Jazeera may report a loss for this year, Ramachandran said.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-05-01/unaligned/kuwait2019s-jazeera-airways-slashes-workforce-to-cut-costs-on-virus
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Kuwait’s Jazeera Airways slashes workforce to cut costs on virus
Jazeera Airways of Kuwait laid off about 300 employees, or about a third of its workforce, in an effort to cuts costs as the coronavirus batters the airline industry. The low-cost airline is also talking to its lessors to try to defer or waive charges for as long as the pandemic persists, CEO Rohit Ramachandran said. The company has about $100m in cash reserves and isn’t currently talking to banks about financing or seeking government aid, he said. “We have many untapped lines of credit that we have the ability to call upon because of a strong balance sheet,” Ramachandran said. The company’s entire management team has taken a 50% pay cut since February, while the CEO isn’t receiving a salary at all, he said. Jazeera may report a loss for this year, Ramachandran said.<br/>
