Jet Airways Chairman Resigns From The Company

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Naresh Goyal founder and promoter of Jet Airways resigned from his position followed by the board meeting to procure interim funding to recover the airways operation.

Jet Airways stocks indicated a 12 percent hike following the founder’s resignation. The company is proposed to receive immediate funding support up to 1,500 crores by lenders to resume its operation.

The cash struck airline also announced the constitution of an Interim Management Committee managed by lenders to monitor the daily operations and cash flow of the company.

The airline predicts to restore normalcy of its operations by the immediate funding support by lenders against the security of its assets.

State Bank of India, the lead lender of the consortium of bankers plans to infuse more funds to restore operations of the carrier.

The airways financial debt amounts to 8,000 crores and requires immediate funding to restore its current market shares.

The airline’s pilots along with engineers and other section of employees are due to be paid their respective salaries since the beginning of the year.