Jet Airways accepts Etihad's bailout terms, says report | ZAWYA MENA Edition

Jet Airways accepts Etihad's bailout terms, says report | ZAWYA MENA Edition:

Jet Airways Ltd has agreed to most conditions set by shareholder Etihad Airways for offering a lifeline to the debt-laden Indian carrier, the Business Standard newspaper said, sending Jet's shares soaring as much as 18 percent on Friday.

Both airlines are set to sign a memorandum of understanding (MoU) within days, which would result in Jet Airways' founder and chairman Naresh Goyal reducing his stake to 22 percent from 51 percent and stepping down from the board, the report said.

Etihad's stake would go up to 40 percent from 24 percent and the lenders would convert some of their debt to equity, giving them about 30 percent ownership of the cash-strapped carrier, the newspaper reported.