Goyal and Etihad back Jet Airways revival plan

AARON CHONG | February 26, 2019

Goyal and Etihad back Jet Airways revival plan
Jet Airways' two largest shareholders, chairman Naresh Goyal and Etihad Aviation Group, have backed the bank-led bailout plan for the struggling Indian airline. In a joint statement, Goyal and Etihad chief executive Tony Douglas, say that a number of stakeholders are working towards "the finalisation and subsequent implementation of the bank-led provisional resolution plan (BLPRP) to ensure that the carrier emerges as a financially strong and resilient airline."Their comments follow the approval by shareholders to approve a plan to a group of Jet's lenders to swap their debt for Rs1.14 billion ($16 million) in equity at a 21 February extraordinary general meeting, which they describe "as an important step in this direction."

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