Jet Airways’ shareholders approve debt-for-equity swap

Photo: Bloomberg

India’s Jet Airways Ltd said late on Friday that its shareholders approved a plan to convert existing debt to equity, paving the way for the troubled company’s lenders to infuse funds and nominate directors to its board.

Jet‘s board last week approved a plan by lenders, led by State Bank of India, for an equity infusion, debt restructuring and the sale or sale-and-lease-back of aircraft.

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