February 14, 2019 / 11:50 AM / 7 months ago

India's Jet Airways board approves lenders' rescue package

NEW DELHI/BENGALURU, Feb 14 (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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