Enterprise Turnaround Initiative Corp. of Japan will announce its rehabilitation plan for Japan Airlines Corp. on Tuesday, the same day JAL is expected to file for bankruptcy, transport minister Seiji Maehara confirmed Friday after he met with Prime Minister Yukio Hatoyama.
The carrier would receive the remaining ¥145 billion from the ¥200 billion credit line extended by state-owned Development Bank of Japan later Friday, Maehara added.
The move to acquire the rest of the loans from the DBJ is aimed at stemming growing credit fears and securing sufficient spare cash to finance commercial transactions to keep JAL’s operations intact, even after it files for bankruptcy proceedings.
“If there is ¥200 billion, enough funds will be available, even if various problems become reality,” said Maehara, minister of land, infrastructure, transport and tourism.
“We are going to take thorough measures in various ways to ensure there is no interruption to operations, so please feel safe to continue using JAL,” he added.
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