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

Saddled with a billion dollars in debt, Jet has defaulted on loans and has not paid pilots

Reuters  |  New Delhi 

Naresh Goyal

Jet Airways' founder has agreed to step down as chairman of the airline's board, a source with direct knowledge of the matter told 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 7 billion rupees ($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. have grounded more than a dozen of its planes pending payment of dues.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, February 28 2019. 20:54 IST
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