Statement on the rehabilitation of Japan Airlines by Mr. Seiji Maehara MLIT
19-Jan-2010 1. Today, Japan Airlines (JAL) made a formal application for support from the Enterprise Turnaround Initiative Corporation of Japan (ETIC) and filed a petition for the commencement of reorganizational proceedings under the Corporate Reorganization Law at the Tokyo District Court.
2. As a result, on the same day the ETIC decided to provide support for JAL and the Court decided to commence proceedings for reorganization. Henceforth, JAL will take steady steps, fully respecting the point of view of the public, to rehabilitate its business with the full support of the ETIC through reorganization proceedings that secure transparency and equity with the court engagement.
3. Sufficient funding will be secured from the ETIC and the Development Bank of Japan during its rehabilitation period.
4. Furthermore, the Government of Japan (GOJ) is asking the understanding and cooperation of foreign governments and related organizations to enable JAL to continue its flight operations without any interruption to its flights over those countries and to takeoff and landing at their airports.
5. As JAL continues its business operations including flight operations as normal, the usage of, and business with JAL can be continued without cause for concern.
6. The GOJ will give necessary support for JAL until the completion of its rehabilitation, as it constitutes an important part of the aviation network that provides the foundation for Japan’s development.
7. The GOJ strongly requests JAL to work vigorously on the improvement of its business and financial base with the utmost company-wide effort, within a framework that employs both the supportive proceedings of the ETIC and the proceedings of the Corporate Reorganization Law, and to take all possible measures to secure safe flight operations.