TOKYO (AP) — Japan Airlines said yesterday it obtained government approval to receive up to $1.1 billion in emergency loans aimed at preventing the money-losing company from grounding flights.

JAL signed an agreement with the state-run Development Bank of Japan after receiving government approval, a company official said on condition of anonymity, citing policy.

Asia's largest airline has pressed for a government bailout and mulled over massive job cuts and other restructuring steps to avoid collapse. JAL shares tumbled 8.4 percent to a record low yesterday amid worries over a possible bankruptcy.

The bridge loans are aimed at helping JAL to stay in business until a state-backed rehabilitation body determines full turnaround plans for the airline.