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JAL seeks more funds from lenders

27-Oct-2010 10:37 AM

Japan Airlines reportedly plans to request four major lenders – Development Bank of Japan, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp – for a further JPY50 billion (USD613 million) in investments through a capital stake to improve its capital position (Nikkei Business, 26-Oct-2010). However, the carrier is uncertain whether the banks will agree to provide the funds. JAL also reportedly plans to approach major trading companies, insurers and travel agencies. Chairman Kazuo Inamori will reportedly meet with bank leaders from next week to seek investments and fresh lending.