Jet Airways founder Naresh Goyal agrees to step down as chairman: Source – The Economic Times

Naresh Goyal agrees to step down as chairman of Jet Airways
Beleaguered Jet AirwaysNSE -0.36 %‘ Chairman Naresh Goyal has agreed to step down as the lenders gear up to acquire majority stake in the airline under a bailout plan, a source said Thursday.

When contacted, Jet Airways Vice-President for Corporate Affairs and Public Relations Ragini Chopra said she is “not aware” of the developments.

The move comes a day after an urgent meeting of lenders with Goyal and Etihad Airways Chief Executive Officer Tony Douglas to resolve various issues between the two promoters as well as lenders and Etihad.

The Gulf-based carrier holds 24 per cent stake in the Mumbai-based full service airline, founded by Goyal 25 years ago.

State Bank of India is the lead lender of a consortium that has extended loans to Jet Airways, which has been grappling with financial woes and is looking to rejig debt as well as raise funds.

On February 14, Jet Airways’ board had approved a Bank-Led Provisional Resolution Plan (BLPRP), whereby lenders would become the largest shareholders in the airline.

Its shareholders have also approved conversion of loan into shares and other proposals during the extraordinary general meeting on February 21.

via Jet Airways founder Naresh Goyal agrees to step down as chairman: Source – The Economic Times

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