Mumbai, India-based Jet Airways is to be restructured, with banks becoming the biggest shareholders of the company, according to a filing late last week. 

The restructuring will involve a mix of debt-to-equity swap, new capital infusion and asset sales.

 

The proposed bailout needs approvals from all the carriers' lenders, a banking industry group, Jet’s founder Naresh Goyal and the board of shareholder Etihad. 

 

Jet has called an extraordinary general meeting for February 21 to seek shareholder consent for the deal.