Jet Airways failed to pay dues in December 2018 and banks are planning to ask the founder to reduce his stake in the carrier.
Lenders to cash-strapped Jet Airways, led by State Bank of India, are meeting on January 16 to discuss a resolution plan to avoid another Kingfisher Airlines-like loan default.
The Naresh Goyal-led carrier failed to pay dues in December 2018 and banks are reportedly planning to ask the founder to sell more stake to Etihad Airways and reduce his stake from 51 percent to 22 percent.
The carrier’s shares plunged 8 percent on January 16 after media reports said shareholder Etihad Airways offered to invest in the company at a price which is nearly half the closing price of January 15.
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