Have Agreed To Every Condition Laid Down By Jet Airways’ Lenders, Says Naresh Goyal
Naresh Goyal. (Photographer: Goh Seng Chong/Bloomberg News)

Have Agreed To Every Condition Laid Down By Jet Airways’ Lenders, Says Naresh Goyal

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Jet Airways (India) Ltd.’s Promoter and former Chairman Naresh Goyal said he has agreed to every term and condition laid down by lenders to ensure timely release of funds for the struggling airline.

The crisis-hit carrier is set to undergo a debt resolution whereby lenders will take control and also infuse funds worth Rs 1,500 crore.

Also read: Jet Airways’ Lenders To Ask Goyal, Etihad To Pledge Part Stake To Issue Rs 1,500-Crore Debt

Against the backdrop of persisting concerns over the future of the ailing airline, Goyal said he has conscientiously taken some hard, personal decisions in extending cooperation to the consortium of Indian lenders.

"... I have agreed to each and every term and condition laid down by them in a timely manner,” he said. "I have given all facilitation for implementation of the ‘resolution plan’ and signed on the dotted line as required to ensure release of the much needed funds committed by the lenders, in order to secure a sustainable future for Jet Airways."

In order to absolutely ensure that they emerge unscathed from the recent disruptions and continue to hold their heads up high for having helped build, what I truly believe, is one of the world’s premier airlines, I have agreed to sacrifice my every control and interest in the airline with the sole aim to ensure the Jet family’s lasting welfare.
Naresh Goyal, Former Chairman, Jet Airways

The statement also comes a day after the airline disclosed grounding of 15 more planes due to non-payment of lease rentals.

Under the debt resolution plan, approved by the airline's board on March 25, there would be fund infusion of up to Rs 1,500 crore by lenders as well as conversion of debt into equity. Besides, Goyal and his wife Anita Goyal exited the board.

Post the rejig, Goyal's stake will come down to 25 percent while that of Etihad would reduce to 12 percent.

Also read: Jet Airways Defers March Salary Payment To 16,000 Employees

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