Jet Airways' board has approved a restructuring plan proposed by its lenders to keep it afloat amid a funding gap of nearly 85 billion rupees ($1.2 billion). The proposal includes debt restructuring and conversion of debt into equity shares, as well as the sale and refinancing of aircraft. The plan still requires approval by several groups including an Indian Banks' Association committee; founder Naresh Goyal, who owns a majority stake in the carrier; and the board of directors for Etihad Airways, which owns a 24 percent stake in the airline. On Feb. 21, shareholders will consider approving the debt conversion, which would make the lenders the airline's largest shareholders.