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JAL

Japan Airlines gets new CEO as bankruptcy looms

TOKYO (Reuters) – Kazuo Inamori, the founder of electronics maker Kyocera Corp, agreed on Wednesday to become the new chief executive of Japan Airlines, as the carrier’s shares plunged ahead of its expected bankruptcy.
JAL is likely to file for bankruptcy as early as next week as part of a broader restructuring aimed [...]

Read More » No commentJanuary 13, 2010

Shares in Japan Airlines dive 81%

Shares in the troubled carrier Japan Airlines (JAL) have continued their steep fall on mounting speculation that it will file for bankruptcy next week.
JAL shares tumbled by the daily limit of 30 yen for the second day in a row, falling 81% to a new record low of just 7 yen (7.7 cents, 4.7 pence).
The [...]

Read More » No commentJanuary 13, 2010

Q+A: Japan Airlines flirts with bankruptcy, seeks aid

TOKYO (Reuters) – Shares in Japan Airlines Corp, Asia’s biggest airline by revenue, plunged to an all-time low on Tuesday on fears it will file for bankruptcy protection as part of a restructuring plan being hammered out by a state-backed fund.
Saddled with about $16 billion in debts, a JAL bankruptcy would be [...]

Read More » No commentJanuary 12, 2010

American Airlines sweetens offer as JAL shares plunge

TOKYO (Reuters) – American Airlines and its partners in the Oneworld alliance sweetened their offer to Japan Airlines to $1.4 billion to keep the struggling national carrier from joining hands with rival Delta Air Lines.
The announcement came as JAL shares plunged 45 percent to a record low, wiping out nearly $900 million [...]

Read More » No commentJanuary 12, 2010

Japan Airlines shares drop 45% as bankruptcy fears grow

Shares in Japan Airlines (JAL) fell by 45% to a new all-time low on Tuesday as fears grow that the carrier is heading for bankruptcy.
The fall came despite an improved offer of investment from American Airlines, up from $1bn to $1.3bn.
The US carrier is keen to link into JAL’s lucrative Asian routes.
Meanwhile, JAL’s current and [...]

Read More » No commentJanuary 12, 2010

JAL wins approval to cut pensions by 30 percent

Tokyo, Japan (FT) — Japan Airlines has said it has finally won the two-thirds of support it needs from its retirees to cut their pensions by 30 per cent, clearing one of the roadblocks to its restructuring plan.
The approval comes after a 44.8 per cent plunge in the struggling carrier’s stock to an all-time low [...]

Read More » No commentJanuary 12, 2010

Japan Airlines agrees staff pension cuts

Shares in Japan Airlines (JAL) rose again on Tuesday after more than two-thirds of its staff agreed to pension cuts.
The airline needs employees to agree to cuts in order to reduce its $3.6bn (£2.2bn) pension deficit and qualify for a state bail-out.
JAL shares rose by 3.4%, adding to the 31% jump seen on Monday.
On Sunday, [...]

Read More » No commentJanuary 7, 2010

Japan Airlines shares jump 31% on loan deal

Shares in Japan Airlines (JAL) jumped more than 30% on Monday following a deal to extend government loans.
On Sunday, the Japanese government agreed to double an offer of state-funded credit to JAL to 200bn yen ($2.2bn; £1.3bn).
More than half of the 100bn yen already pledged has been used by the airline, the government said.
The move [...]

Read More » No commentJanuary 7, 2010

American ready to do more for JAL, as Delta emerges as favored backer

American Airlines Inc. said Wednesday it remains flexible about enhancing its financial package for Japan Airlines Corp. in a desperate pitch to keep the Japanese carrier within its global airline alliance after rival Delta Air Lines Inc. recently emerged as its favored partner.
Michael Wascom, managing director in charge of international and government affairs at American [...]

Read More » No commentJanuary 6, 2010

Nikkei rises to 15-month high on weak yen and bank gains, JAL dives

TOKYO, Jan. 6 (Xinhua) — Japan’s 225-issue Nikkei Stock Average rose for the third consecutive session on Wednesday, gaining 0.46 percent, to mark a fresh 15-month closing high, as positive economic cues continued to come from the U.S. and a robust dollar lifted exporters.
Japan’s key benchmark Nikkei added 49.62 points from Tuesday [...]

Read More » No commentJanuary 6, 2010