Jet Airways founder Naresh Goyal stepped down as chairman of Jet Airways and resigned from the board as a part of a bailout plan to keep the Indian carrier afloat. The plan, approved by the board, converts a single rupee of lender debt into 114 million Jet Airways shares, a nominal measure designed to make the consortium of creditors the carrier's majority stakeholders. The creditors then will provide interim funding of 15 billion rupees, about $218 million, with which the airline can pay debts owed to vendors, creditors, employees and lessors. That will put grounded aircraft back into operation and restore normal service. Jet Airways has grounded about two-thirds of its fleet, according to Bloomberg.