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Jet Airways Founder Naresh Goyal Steps Down as Chairman of Airline's Board: Report

The cash-strapped airlines has defaulted on loans and has not paid pilots, leasing firms and suppliers for months.

Reuters

Updated:February 28, 2019, 7:41 PM IST
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Jet Airways Founder Naresh Goyal Steps Down as Chairman of Airline's Board: Report
File photo of Naresh Goyal, Chairman of Jet Airways (Image : Reuters).
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New Delhi: 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 said 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. Lessors have grounded more than a dozen of its planes pending payment of dues.

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