From Mainichi Shimbun, 2 December
Standard & Poors lowered the rating of Japan Airlines from CC to SD, the lowest classification and meaning selective default on December 2.
The credit- rating company has explained that JAL had a case for default by the definition of the company on November 30.
JAL applied for corporate rehabilitation ADR (Alternative Dispute Resolution) to suspend its debt payment temporarily on November 13 until it gets a full support from Enerprise Turnaround Initiative Corporation of Japan. S&P will give a new rating to JAL upon analyzing the company's debt-paying ability.
Editor's note: JAL stock price was closed as 92 yen per share, no change from the previous day at Tokyo Stock Exchange on 3 December (Japan time).
No comments:
Post a Comment