ASIA Travel Tips.com

Japan Airlines Files for Bankruptcy Protection

Search ASIA Travel Tips .com Send to Friend ASIA Travel Tips.com Latest Travel News Wednesday, 20 January 2010

Japan Airlines Corporation, Japan Airlines International Co., Ltd. and JAL Capital Co., Ltd., has filed, jointly with the Development Bank of Japan (DBJ), Japan Bank for International Cooperation, Mizuho Corporate Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Sumitomo Mitsui Banking Corporation, an application to the Enterprise Turnaround Initiative Corporation of Japan (ETIC) for support for restructuring.

In addition, JAL filed the petitions for commencement of corporate reorganization proceedings with the Tokyo District Court. The Court entered an order commencing the proceedings and appointed ETIC and Eiji Katayama, Esq. as reorganization trustees.

On Tuesday, the trustees obtained  comprehensive court approval authorizing JAL's continued payment of certain commercial transaction claims, including payments for fuel and other supplies and services, as well as leases and other related obligations. Also, JAL will be able to obtain the DIP financing from DBJ and ETIC, the amount of which, it says, will be sufficient for it to continue business.

The airline has also indicated that customers' airline tickets and frequent flyer miles will be fully protected and the frequent flyer program is expected to be continued as it has been conducted. The continuation of the group's flight operations are therefore, on the whole and in the short term at least, not expected to be interrupted. Established in 1953, the JAL Group operates around 1,100 daily regular flights.

Haruka Nishimatsu, the Representative Director and President, have resigned and it is also expected that all of the other directors will resign. The new management structure will be determined in early February. Meanwhile, it is expected that Masato Uehara, the Senior Managing Executive Officer, will be the Group Temporary Chief Operating Officer.

See other recent news regarding: Airlines, Airports, Flights, Codeshare, Lounges, First Class, Business Class, MICE, GDS, Rewards, Miles, Hotels, Apartments, Promotions, Spas, New Hotels, Traffic, Visitor Arrivals, Cruises, Free Deals, Videos, JAL, Japan

Subscribe to our Latest Travel News Daily Email Free of Charge by simply entering your email address to the right. You can also receive the daily news service by WhatsApp, stay updated with our RSS Feed Free Travel News RSS Feed and even add the travel news to your website. Have questions? Please read our travel news FAQ.
     
Advertising
Advertising
Copyright © 1997-2020 TravelNewsAsia.com