Jet Airways Chairman Naresh Goyal will step down from the board of the Indian carrier he founded 25 years ago and its lenders will seize control, the company said, as part of a deal led by state-run banks to save the airline from bankruptcy, Reuters reported. Saddled with debt of more than $1 billion, Jet has been on the brink of collapse, and had to ground more than two-thirds of its fleet as it struggled pay lenders, suppliers, pilots and leasing companies. Banks have moved in to take a majority stake in the airline after Jet failed to convince potential investors, including its largest shareholder Etihad Airways, to save the airline. Goyal’s departure, however, could reignite investor interest in India’s oldest private airline. Sources told Reuters in November that Tata Sons had been in active talks to invest in Jet on the condition that Goyal would step down or take a less prominent role.
