Govt to help Japan Airlines rehabilitate
Japan Airlines, Asia's largest carrier, will be given government help to rebuild its strength, cabinet ministers said Monday, after it was hammered by falling demand caused by the global economic slump.
"The DBJ (Development Bank of Japan) will extend loans, not unconditionally, but on the premise that (the airline) must do its best to improve management," Finance Minister Kaoru Yosano told reporters.
He did not comment on the amount of possible funding for the firm.
Reports have said the state-backed DBJ is arranging a loan of about 100 billion yen (a billion dollars) in cooperation with major private firms Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp.
Yosano said Transport Minister Kazuyoshi Kaneko had asked him to "cooperate on crisis-management loans to JAL as the (transport) ministry will give it strong instructions on improving its management.”
Comments