Aviation

Jet Airways founder Naresh Goyal agrees to step down as chairman

Updated : March 01, 2019 07:02 AM IST

Eithad, which owns a 24 percent stake in Jet Airways, is however reticent to provide interim funding of $99 million to Jet Airways, the source said.

Saddled with a billion dollars in debt, Jet has defaulted on loans and has not paid pilots, leasing firms and suppliers for months.

Jet Airways founder Naresh Goyal agrees to step down as chairman

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.

CNBC-TV18 was the first to report this development on January 15, 2019.

Eithad, which owns a 24 percent stake in Jet Airways, is, however, reticent to provide interim funding of $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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