Jet Airways Seeks Shareholder Nod To Convert Loan Into Shares

Jet Airways said on Monday it would seek shareholder approval next month to convert existing debt into equity, part of efforts by the cash-strapped airline to resolve its financing problems. Jet Airways, saddled with debts of about $1.14 billion, has been hit by fierce competition, rupee depreciation and high oil prices. The company owes money to banks, pilots, vendors and lessors - some of whom are considering taking back aircraft, ...