Jet Airways Founder Naresh Goyal Agrees to Step Down as Chairman
New Delhi: Jet Airways's founder Naresh Goyal has agreed to step down as chairman of the airline's board, a source with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier inches closer to securing a rescue deal.
Eithad, which owns a 24% stake in Jet Airways, is however reticent to provide interim funding of about Rs 7 billion ($99 million) to Jet Airways, the source said. Jet did not immediately respond to a request for comment.
Saddled with a billion dollars in debt, Jet has defaulted on loans and has not paid pilots, leasing firms and suppliers for months. Lessors have grounded more than a dozen of its planes pending payment of dues.
This article went live on February twenty-eighth, two thousand nineteen, at fifteen minutes past eight in the evening.The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
