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ETIC announces support plan for JAL

15-Jan-2010 8:34 AM

Enterprise Turnaround Initiative Corporation of Japan (ETIC), a quasi sovereign turnaround fund, confirmed (13-Jan-2010) it is in the process of forming a business revitalisation plan to support Japan Airlines, in which it "intends to ensure all of its business operations on and off the ground will be performed smoothly without any interruption, with sufficient amount of capital". The following are to be included in the plan:

  • All the credits related to the regular business are to be protected;
  • All ticketing to be conducted as usual, including changes, refunds and etc;
  • Leasing fees under the Aircraft Leasing agreements are to be paid as usual;
  • No changes to "frequent flyer mileage"; 
  • Flight coupons issued for shareholders are valid until the original maturity dates. [more]