Mumbai: Jet Airways (India) Ltd on Thursday approved a bailout plan that would allow its domestic lenders, led by State Bank of India (SBI), to convert their loans into equity, making them the largest shareholders of the cash-strapped airline.
Jet Airways, meanwhile, reported its fourth straight quarterly loss, adding to the woes of the carrier hammered by higher costs and fierce competition from budget airlines.
In the three months through December, the airline plunged to a loss of ₹587.77 crore, from a net profit of ₹165.25 crore a year earlier. The earnings however topped the ₹643.3 crore loss forecast in a Bloomberg survey of three analysts.
