May 26, 2020

They cease the president of India Jet Airways waiting for financial rescue

They cease the president of India Jet Airways waiting for financial rescue

The Indian airline Jet Airways decided today that its president, Naresh Goyal, leave his position on the board of directors of this private equity company, amid attempts to achieve a financial rescue through the state bank of the Asian country.

Jet Airways Limited's board of directors agreed that both Goyal and his wife, Anita Goyal, should "retire from the board" of company directors immediately, the airline based in Mumbai said in a statement.

The decision is part of the rescue plan adopted by the company and formulated by a consortium of lenders, led by the State Bank of India, for the restructuring of the company's debts.

Goyal, who founded Jet Airways in 1993, "will also cease to be the president of the company," the statement added.

It also approved the constitution of an interim administration committee "to manage and monitor the daily operations and the cash flow of the company".

The rescue plan also calls for the resignation of one of the representatives of its airline partner Etihad Airways, which controls 24% of the company's shares, according to data from Jet Airways.

The Indian airline requires an immediate help of about 200 million dollars that will be issued as a debt instrument to restore to normal operations of the company asphyxiated by stressed assets.

Jet Airways is one of the largest and oldest airlines in India, covering more than a hundred national and international destinations, several of them canceled in recent weeks because of the crisis of the company.

Several dozen workers, including pilots and engineers, staged a protest two weeks ago in which they announced the start of a strike until they are paid the wages owed.


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