JAL reaches basis accord with lender banks on new loans

Japan Airlines Corp's five major lender banks reportedly reached a basic agreement to provide JPY284.9 billion (USD3.4 billion) in loans to the carrier (The Nikkei/Nihon Keizai Shimbun/Kyodo, 20-Nov-2010). Interest and other details will reportedly be determined at a later date with the plan expected to gain approval from the Tokyo District Court by the end of this month. The carrier is expected to receive the loans by Mar-2011. JAL will repay all JPY319.2 billion (USD3.8 billion) in existing debt in line with the plan submitted to the court in late Aug-2010.