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Tuesday, October 20, 2009

Japan to finalize JAL restructuring within days

Looks like we finally see the end of the tunnel (or not) and the Japanese government will finalize on Japan Airlines restructuring plan within days.

Last restructuring which includes massive debt waiver were rejected by JAL creditors. Sounds like they are now pushing for a new plan, which will include public funding injection, and hope all creditors will be on board this time. According to the Transport Minister Seiji Maehara, they will file JAL restructuring plan by the end of the month as planned but it doesn't sound like the plan is going to be a complete one (at least not as complete as they had hoped for).

According to The Wall Street Journal,

"Time is really pressing," Japan Finance Minister Hirohisa Fujii said at a news conference after a cabinet meeting. A decision on a restructuring plan "will probably be within a few days," the minister said.

...

Transport Minister Seiji Maehara said that a draft restructuring plan will be filed by the end of this month, in line with earlier commitments from the new government. But in a hint that the government may be prepared to compromise on its original intentions to seal a recovery package, Mr. Maehara said, "The plan is evolving."

I hope this time they will finally come up with a plan. I hate posting a new rumor and get freaked out every day.

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