You are here: Home » Companies » News
Business Standard

Have agreed to all terms set by lenders for Jet's future: Naresh Goyal

The crisis-hit carrier is set to undergo a debt resolution whereby lenders will take control and also infuse funds worth Rs 1,500 crore.

Press Trust of India  |  New Delhi 

Naresh Goyal
File photo: Naresh Goyal | PTI

promoter and former chairman Wednesday said he has agreed to "every term and condition" of lenders to ensure funds for the airline.

The crisis-hit carrier is set to undergo a debt resolution whereby lenders will take control and also infuse funds worth Rs 1,500 crore.

"I have agreed to each and every term and condition laid down by them in a timely manner.

"I have given all facilitation for implementation of the 'Resolution Plan' and signed on the dotted line as required to ensure release of the much needed funds committed by the lenders, in order to secure a sustainable future for Jet Airways," Goyal said in a statement.

The statement also comes a day after the airline disclosed grounding of 15 more planes due to non-payment of lease rentals.

Under the debt resolution plan, approved by the airline's board on March 25, there would be fund infusion of up to Rs 1,500 crore by lenders as well as conversion of debt into equity. Besides, Goyal and his wife Anita Goyal exited the board.

Post rejig, Goyal's stake will come down to 25 per cent while that of Etihad would reduce to 12 per cent.

First Published: Wed, April 03 2019. 20:51 IST
RECOMMENDED FOR YOU