A key transport ministry panel is looking at assisting the debt-ridden operator of Kansai International Airport Co. in a way that is likely to be fiercely opposed by the Finance Ministry and local governments.
A draft of the report, made available Saturday, proposes using the proceeds from Narita International Airport Corp.’s initial public offering later this year to bail out its Kansai counterpart, which is burdened by over ¥1 trillion in interest-bearing debt.
The proposal clashes with one by the Finance Ministry to appropriate some of the Narita IPO proceeds to pay down the massive national debt. The IPO date has not yet been set.
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