Jet Airways seeks shareholder approval for converting debt into shares

The airline will also seek approval for their lenders to appoint a nominee director to the board

Jet Airways said on Monday it would seek shareholder approval to issue new equity and convert existing debt into equity among other things at a special meeting on Feb. 21, as the beleaguered airline attempts to stay afloat.

The company will also seek approval to allow its lenders to nominate directors to its board, the airline said in a regulatory filing.

Saddled with a debt of about 80.52 billion rupees ($1.14 billion) as of Sept. 30, Jet is desperately searching for a deal that could help mitigate its severe liquidity crunch.

At the extraordinary shareholder meeting, the company proposes that share capital be