Have helped to implement the resolution plan laid down by Jet Airways' lenders: Naresh Goyal

Jet Airways promoter and former chairman Naresh Goyal on Wednesday said he has taken some hard decision to sacrifice control and interest in the company to ensure revival of the ailing airline.

"In order to absolutely ensure that they emerge unscathed from the recent disruptions and continue to hold their heads up high with pride for having helped build, what I truly believe is one of the world's premier airlines, I have agreed to sacrifice every control and interest in the airline with the sole aim to ensure the Jet family's lasting welfare," Goyal said in a statement.

Goyal, who along with his wife Anita Goyal, stepped down from the board of the airline, said he has agreed to every term and condition laid down by lenders to ensure timely release of funds for the airline.

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His comments comes a day after the airline announced that an additional fifteen aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.

"In extending my fullest respect cooperation to the Consortium of Indian lenders, I have agreed to each and every term and condition laid down by them in a timely manner," Goyal said in a press release.

"I have given all facilitation for implementation of the 'Resolution Plan' and signed on the dotted line as required to ensure release of the much needed funds committed by the lenders, in order to secure a sustainable future for Jet Airways," said the aviation veteran.

Also Read: Banks take control of Jet Airways board as Naresh Goyal exits, lenders to infuse Rs 1,500 crore

Under the debt resolution plan, approved by the airline's board on March 25, SBI-led consortium of lenders acquired a majority stake in the company after Naresh Goyal along with his wife Anita Goyal, and one nominee of Etihad Airways PJSC resigned from the board of the company. The lenders to the struggling airline also proposed immediate funding support of upto Rs 1,500 crore to meet the operating cost.

The board also approved issuance of 11.4 crore equity shares of the company to the lenders upon conversion of Rs 1 of the outstanding debt. As a result of this, Goyal's stake in the company will come down to 25 per cent while that of Etihad would shrink to 12 per cent.

"At this time of turbulence at Jet Airways, my strongest, most overriding wish and commitment is to secure the well-being of the Jet Airways family, as close to my heart as my own family, who have steadfastly stood by me through thick and thin with a loyalty that leaves me humble," Goyal said.

"From the bottom of my heart, I wish every member of the vast Jet Airways family across our global network, a quick return to normalcy and unending success in the years ahead. I shall truly miss each and every member of this extraordinary family and wish every single one of them success, stability, peace of mind and happiness," the aviation veteran added.

"I have no doubt that given the hard-earned legacy of warm Indian hospitality and magnificent service excellence consistently deliver across the jet Airways network over the years, in short time, with all financial settlements in place, the airline will regain its rightful place in the company of the global greats," Goyal said.

Edited by Chitranjan Kumar