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Jet Airways chairman Goyal steps down, banks take control

26 March, 2019, 06:53 | Author: Lawrence Cooper
  • Jet Airways founder Naresh Goyal steps down amid crisis

The board decisions come as the full-service airline struggles to repay its debt of almost Rs 8,000 crore to banks led by State Bank of India. According to a Mint report, the board of Etihad Airways will meet on 31 March to take a final decision on whether the Abu Dhabi-based carrier should make a fresh investment in Jet or exit its stake in the ailing airline. Two nominee directors representing lenders have been inducted into the board. Lenders will infuse up to Rs 1,500 crore via debt instruments.

It has formed an Interim Management Committee (IMC) to oversee the financial and operational performance of the airline under the supervision of the board of directors with the support of McKinsey & Co. Jet's shares rose nearly 13% following the news of Goyal's exit.

Jet Airways, which is facing a severe cash crunch, defaulted on a domestic loan repayment in December.

Banks have moved in to take a majority stake in the airline after Jet failed to convince potential investors, including its largest shareholder Etihad Airways, to save the airline.

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Jet's moneylenders consortium may invoke the complete 51 per cent stake of Naresh Goyal within the airline, and begin searching for a new buyer within the coming weeks. There were delayed payments to vendors, banks, pilots and lessors, which resulted in the airline having to ground almost 40 of its aircraft. Almost 23,000 of Jet's staff including pilots have been unpaid for over two months.

Jet's board also approved a plan that will help the airline keep afloat. But, if you get a cancellation message with more than three days left for the flight, Jet Airways has opened up a separate website to get you accommodated on another flight if possible.

Shares of Jet Airways jumped over 15 percent on the BSE to end at Rs 260.

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