Qantas plans to cut debt by more than $900 mln by FY15

SYDNEY Wed May 7, 2014 8:30pm EDT

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SYDNEY May 8 (Reuters) - Australia's Qantas Airways Ltd said on Thursday it plans to cut debt by over A$1 billion ($935 million) by fiscal 2015 to achieve positive free cash flow.

Qantas, which has been hit by fierce competition, plans to reduce debt by simplifying its fleet, scaling back investment and selling assets, it said in a presentation at the Macquarie investment conference in Sydney.

It also said it expected to cut gross debt to less than four times of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by fiscal 2017. ($1 = 1.0713 Australian Dollars) (Reporting by Maggie Lu Yueyang; Editing by Edwina Gibbs)

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