Jet Airways founder Naresh Goyal steps down amid crisis

Jet Airways chief Naresh Goyal

The board decisions come as the full-service airline struggles to repay its debt of almost Rs 8,000 crore to banks led by State Bank of India. Afterwards one of the two Etihad nominees will exit the Jet board, the ET report said. His wife Anita Goyal also stepped down from the board of the company.

According to industry estimates, Jet's total debt stood at Rs 8,000 crore.

Lenders to form an interim management committee to manage and monitor the daily operations and cash flows.

Saddled with debt of more than US$1 billion, Jet owes money to banks, suppliers, pilots and lessors - several of whom have started terminating leases with the carrier.

After weeks of uncertainty over the future of ailing Jet Airways, the airline's board has approved an immediate fund infusion of up to Rs 1,500 crore by lenders as well as conversion of debt into equity.

He had headed the national carrier from August 2017 to September 2017 before being moved to the Railway Board as the chairman, from where he retired in December 2018. Due to the non-payment of dues, a majority of the airlines business were grounded and it eventually prompted the chairman to step down.

Even as news of Goyal's departure led to a rally in Jet's shares, which ended the day 12.4 percent higher, analysts say there is still a long road ahead.

Abu Dhabi's Eithad Airways, which owns a 24 per cent stake in Jet Airways, is however reticent to provide interim funding of about 7 billion rupees (USD 99 million) to Jet Airways, the source said. Almost 23,000 of Jet's staff including pilots have been unpaid for over two months. But, if you get a cancellation message with more than three days left for the flight, Jet Airways has opened up a separate website to get you accommodated on another flight if possible.

Related news:

Hot News

isis-killer-beheading-video-story-top Manchester United 'confident' of signing Jadon Sancho
Mar 26, 2019 - 05:55
Toni Kroos has taken a swipe at his critics, insisting that he expects the negative attention having been "successful for a very long time".

isis-killer-beheading-video-story-top Trump to nominate Fed critic Stephen Moore to the Fed
Mar 26, 2019 - 05:16
Moore, 59, previously served as a Trump 2016 campaign adviser and is now a visiting fellow at the Heritage Foundation. But he added, "over time obviously we want to reduce that balance sheet and not have these massive amounts of debt".

isis-killer-beheading-video-story-top Druze protest Trump's backing of Israeli sovereignty over Golan
Mar 25, 2019 - 14:27
The Jewish state officially annexed the Golan in 1981 and has maintained a buffer zone with Syria since the 1973 Yom Kippur War. The US leader later said that he had been mulling over the issue for a very long time and it was a hard decision for him.

isis-killer-beheading-video-story-top Apple Could Debut 'Netflix for Games' Subscription Service at Monday's Event
Mar 25, 2019 - 14:24
Apple's App Store, where the service is likely to be distributed, is now available in more than 100 countries. This will offer access to over 200 magazines as well as newspapers like the WallStreet Journal.

isis-killer-beheading-video-story-top New Zealand PM says she will meet President Xi in China
Mar 25, 2019 - 11:49
New Zealand Prime Minister Jacinda Ardern addresses a press conference in Wellington , New Zealand Monday, March 25, 2019. After the attack, New Zealanders have responded with an outpouring of support for the country's small Muslim community.

isis-killer-beheading-video-story-top Barr scours Trump-Russia report to see how much to open
Mar 24, 2019 - 15:43
But he had no events open to the press after special counsel Robert Mueller submitted his report to the Department of Justice. Mueller brought charges against 34 people and three companies, with prison sentences for some of Trump's former aides.

isis-killer-beheading-video-story-top 2 powerful cyclones bear down on north Australian coast
Mar 24, 2019 - 15:42
The Western Australian Country Health Service said procedures were in place at health centres so they can continue operating. Veronica is expected to land somewhere between the iron ore mining towns of Karratha and Port Hedland.

isis-killer-beheading-video-story-top Jordyn Woods Flashes Cleavage To Celebrate Her Comeback Amid Cheating Scandal!
Mar 24, 2019 - 15:35
Kylie adds that she never thought her cosmetics company, Kylie Cosmetics , would be so successful. But just because she had a platform, that doesn't mean she doesn't think she earned the title.

isis-killer-beheading-video-story-top Walmart Planning To Launch Its Own Cloud Gaming Service
Mar 24, 2019 - 13:12
Moreover, the company is expected to launch the service later in 2019 in the U.S., Canada, the United Kingdom and most of Europe. Google has launched a streaming service that allows people to play games over the internet without the need for a console.

isis-killer-beheading-video-story-top Mega Millions numbers: Did you win Friday's $50 million lottery jackpot?
Mar 24, 2019 - 11:36
No winning tickets were sold for Wednesday's drawing, making Saturday's jackpot the seventh-largest Powerball prize in history. Wisconsin residents have won $50,000 prizes in each of the past three drawings dating back to March 13.

isis-killer-beheading-video-story-top Trump claims he wants Mueller findings public. Hmm
Mar 23, 2019 - 16:14
I don't-I don't think people get it. "With all of that being said", he added, "I look forward to seeing the report". Trump , of course, nominated Rosenstein , who was confirmed by the Republican-controlled Senate in a 94-6 vote.

isis-killer-beheading-video-story-top First Drug for Postpartum Depression Gets FDA Nod
Mar 23, 2019 - 15:45
The FDA has given Zulresso a "breakthrough therapy" designation, but some experts are questioning the safety of the drug. It can be especially devastating because it can cause fear or thoughts of wanting to harm your baby.

isis-killer-beheading-video-story-top Trump complains he didn’t get a ‘thank you’ for McCain’s funeral
Mar 23, 2019 - 15:24
The crowd of OH tank factory workers - many of whom are veterans - reportedly responded to criticisms of Sen. It was a big moment for Bridget, her sister Meghan said on ABC's The View Thursday.

isis-killer-beheading-video-story-top Indian tycoon Nirav Modi arrested in London
Mar 23, 2019 - 14:57
Meanwhile, a Mumbai court has issued a non-bailable warrant against Modi's wife Amy whose last known location was in the US. According to ANI report , fugitive Diamond Merchant Nirav Modi was arrested in London on Wednesday by London Police.

isis-killer-beheading-video-story-top Lionel Messi injury: Absence from Argentina squad is a precaution
Mar 23, 2019 - 14:56
It was not a game to remember for Messi as Argentina lost 3-1 to Venezuela on a night where he picked up an injury. During the second half we saw more teamwork from him. "Cristiano adds quality to any team", said Cancelo.