The founder of Indias struggling Jet Airways is to step down as chairman as part of a debt restructuring plan agreed with its lenders.
Naresh Goyal, a former travel agent who founded Jet in 1992 and built it into Indias largest international airline, will also leave the board as part of a resolution plan that will give lenders a majority stake of 50.1 per cent in the companys shares.
The lenders also agreed to provide additional funding of up to Rs15bn ($218m), secured against the companys assets, according to a stock exchange filing.
Mr Goyals wife, as well as a director nominated by Jets strategic investor Etihad Airways, are also leaving the board under the agreement.
After a string of annual losses under Mr Goyals leadership, Jet h…
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