Jet's shareholders approve debt-for-equity swap

Shareholders of Jet Airways approved a plan to swap the airline's lenders' loans for equity at a 21 February extraordinary general meeting. The debt-for-equity swap is part of the bailout plan driven by a consortium of lenders led by the State Bank of India that was approved by Jet's board on 14 February. The plan allows for key lenders to covert their debt into 114 million shares worth Rs10 ($0.14) each, generating Rs1.14 billion in equity. This would result in the lenders becoming the largest shareholders in the company, says Jet, and will allow the lenders to appoint directors to its board.