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Last Updated : Feb 28, 2019 08:54 PM IST | Source: Reuters

Jet Airways founder Naresh Goyal agrees to step down as chairman: Sources

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.

Jet Airways' 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 percent stake in Jet Airways, is however reticent to provide interim funding of about Rs 700 crore ($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.

 
First Published on Feb 28, 2019 07:47 pm
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