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Shareholders of Jet Airways approve debt-for-equity swap

The plan will mean the lenders will have a bigger holding than any other shareholder.

Reuters  |  MUMBAI 

Jet Airways Ltd said late on Friday that its shareholders approved a plan to convert existing debt to equity, paving the way for the troubled company's lenders to infuse funds and nominate directors to its board. Jet's board last week approved a plan by lenders, led by State Bank of India, for an equity infusion, debt restructuring and the sale or sale-and-lease-back of aircraft. The plan will mean the lenders will have a bigger holding than any other shareholder. Currently, Chairman Naresh Goyal owns a 51 percent stake in the company and Abu Dhabi's Etihad ...

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First Published: Sat, February 23 2019. 14:22 IST
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