Mumbai: Jet Airways (India) Ltd’s founder Naresh Goyal has agreed to step down from the airline’s board as its chairman as part of a plan to secure a rescue deal for the cash-strapped company, a person familiar with the matter said.
Etihad Airways, which owns a 24% stake in Jet Airways, is however still to agree on several proposals put forward by a group of lenders led by State Bank of India (SBI).
The lenders have secured approval from shareholders to convert their unpaid loans into equity and infuse funds after the company defaulted on interest payments. The airline has also failed to pay dues to aircraft leasing firms for months and lessors have grounded 18 of its planes, according to industry sources.
