JetBlue shares slide as creditor-adviser report adds to financial worries
The airline fell sharply in midday trading after a report that senior creditors were working with restructuring advisers.
JetBlue shares fell sharply in midday trading Monday as investors weighed reports about the airline's creditors and falling bond prices. The stock's decline stood out against a rising broader market.
A group of senior creditors was working with financial adviser PJT Partners and law firm Akin, The Wall Street Journal reported Friday, citing people familiar with the matter. That engagement is reported, not independently confirmed. Hiring advisers is not itself a bankruptcy filing.
The airline's $2 billion notes due in 2031 had fallen to 42 cents on the dollar Thursday before recovering into the mid-40s Friday, from near 80 cents earlier in October, according to the same report and subsequent coverage. The stock-market reaction does not establish what any restructuring, if pursued, would involve.
