p. said Friday that it has procured a loan of 145 billion yen ($1.6 billion) from the state-backed Development Bank of Japan, as the struggling airline continues to draft its restructuring plan.
The loan is part of the DBJ's credit line to JAL—doubled to 200 billion yen earlier this month—in an effort to help the carrier maintain its daily operations while it restructures. JAL had already used 55 billion yen of the initial credit line provided in November.
Meanwhile, Japan's transport minister said Friday that a state-backed corporate-turnaround body will start its rehabilitation process for JAL on Tuesday, and the carrier is expected to file for court-led rehabilitation on the same day. Transport Minister Seiji Maehara made the announcement to reporters following a meeting with Prime Minister Yukio Hatoyama.
Quasi-governmental investment fund Enterprise Turnaround Initiative Corp. has proposed that JAL undergo a modified version of a court-led rehabilitation process, according to a person familiar with the situation.—Kazuhiro Shimamura contributed to this article.
Write to Yoshio Takahashi at yoshio.takahashi@dowjones.com
Saturday, January 16, 2010
DTN News: Financial News TODAY January 16, 2010 ~ JAL Gets $1.6 Billion Loan
DTN News: Financial News TODAY January 16, 2010 ~ JAL Gets $1.6 Billion Loan
*Source: DTN News / Int'l Media By Yoshio Takahashi
(NSI News Source Info) TOKYO, Japan - January 16, 2010: Japan Airlines Cor
p. said Friday that it has procured a loan of 145 billion yen ($1.6 billion) from the state-backed Development Bank of Japan, as the struggling airline continues to draft its restructuring plan.
The loan is part of the DBJ's credit line to JAL—doubled to 200 billion yen earlier this month—in an effort to help the carrier maintain its daily operations while it restructures. JAL had already used 55 billion yen of the initial credit line provided in November.
Meanwhile, Japan's transport minister said Friday that a state-backed corporate-turnaround body will start its rehabilitation process for JAL on Tuesday, and the carrier is expected to file for court-led rehabilitation on the same day. Transport Minister Seiji Maehara made the announcement to reporters following a meeting with Prime Minister Yukio Hatoyama.
Quasi-governmental investment fund Enterprise Turnaround Initiative Corp. has proposed that JAL undergo a modified version of a court-led rehabilitation process, according to a person familiar with the situation.—Kazuhiro Shimamura contributed to this article.
Write to Yoshio Takahashi at yoshio.takahashi@dowjones.com
p. said Friday that it has procured a loan of 145 billion yen ($1.6 billion) from the state-backed Development Bank of Japan, as the struggling airline continues to draft its restructuring plan.
The loan is part of the DBJ's credit line to JAL—doubled to 200 billion yen earlier this month—in an effort to help the carrier maintain its daily operations while it restructures. JAL had already used 55 billion yen of the initial credit line provided in November.
Meanwhile, Japan's transport minister said Friday that a state-backed corporate-turnaround body will start its rehabilitation process for JAL on Tuesday, and the carrier is expected to file for court-led rehabilitation on the same day. Transport Minister Seiji Maehara made the announcement to reporters following a meeting with Prime Minister Yukio Hatoyama.
Quasi-governmental investment fund Enterprise Turnaround Initiative Corp. has proposed that JAL undergo a modified version of a court-led rehabilitation process, according to a person familiar with the situation.—Kazuhiro Shimamura contributed to this article.
Write to Yoshio Takahashi at yoshio.takahashi@dowjones.com
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