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Tuesday, June 30, 2009

JAL signed emergency loan agreement

Despite ANA's dispute on Japan Airlines getting the government bailout, JAL has signed an agreement with the lenders to receive the bailout loan.

The loan is provided by the Development Bank of Japan, Japan Bank for International Cooperation, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp and Mizuho Corporate Bank. However the report did not mention the exact amount of the loan. The amount mentioned in previous reports suggests the government is planning to provide 100 billion yen of emergency loan to JAL.

Take that ANA. I really can't believe ANA president writes a letter to protest against JAL receiving the bailout money. And their argument is aviation policy should "ensure a fiar and equitable competitive environment"? Why didn't you whine about this when both ANA and JAL received the emergency loan during SARS? That's fair to other airlines that fly to Japan? I am glad that I didn't jump boat and join the dark side.

Source: Hindu Business Line and Bloomberg

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