9 November 2009
From Yomiuri Shimbun
Regarding management rehabilitation of Japan Airlines, Prime Minister Yukio Hatoyama conferred with Vice Prime Minister Naoto Kan, Finance Minister Fujii, Minister of Land and Trasport Maehara at official residence of PM on 8th November.
JAL deadly needs emergency financing for keeping its operations, around 100 billion yen within this year, and the governemnt agreed on financing for JAL without the government guarantee with commercial banking consortium on November 9.
JAL's mid term business performance records will be announced on November 13 and that day would a decisive timing to finalize JAL corporate restructure plans.
At ministers' meeting on 8th night, Maehara, as chief of 'JAL Rehabilitation HQS' consisting of seven government divisions, made a presentation of the policy direction. One of the issues is to lower high amount of corporate pension scheme of JAL by legislative measure and the other is support the company financially by the use of public funding from tax revenue. Prime Minister Hatoyama expedited the team to compile a working plans.
The rescue financing was expected to be guaranteed by the government as 'crisis situations solution' but the government now has a different view to JAL's management ciris as 'structural' and not caused by rapid deterioration of economic situations; and the original plan to provide government guarantee was canceled as the government changed its perception toward JAL.
Comment: JAL stock price on November 9 was closed as 106 yen, down 3 yen or 2.75% from the previous week at TSE.
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