Jet Airways board approves lenders' rescue package
NEW DELHI/BENGALURU (Reuters) - Jet Airways Ltd said on Thursday that its board had approved a plan by lenders, led by State Bank of India, that will give the debt-laden Indian airline funding crucial for its survival.
The airline reported its fourth consecutive quarterly loss on Thursday as it battles a financial crunch due to higher oil prices and intense competition at home.
It made a net loss of 5.88 billion rupees ($83 million) for the three months ended Dec. 31, compared with a profit of 1.65 billion rupees a year earlier.
($1 = 71.1580 Indian rupees)
(Reporting by Tanvi Mehta in Bengaluru and Aditi Shah in New Delhi; Editing by Sayantani Ghosh and Susan Fenton)
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