Jet Airways crisis deepens as Etihad mulls exit

State-run banks are being urged by the Indian government to trade debt for equity in struggling carrier Jet Airways. This report in Cargo Forwarder suggests part of the push is linked to pending elections. And with local reports claiming that major shareholder Etihad is planning to ditch the troubled airline, Narenda Modi is asking not just banks but the National Investment and Infrastructure Fund to take on at least a third of Jet until a new buyer can be found. To date, the airline has racked up more than $1bn in debt, leaving not only creditors but employees, lessors, and suppliers out of pocket. And according to the latest news from Bloomberg, chairman and founder Naresh Goyal has now stepped down and two-thirds of the fleet have been grounded.