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Tuesday, November 24, 2009

JAL asks for bridging loan

Japan Airlines has just issued a press release confirming its application for an emergency bridging loan.

In the press release, JAL confirmed that flight operation interferences could occurred and the such an event has severe affects. Therefore, JAL is asking for an emergency bridging loan and an agreement has been met.

Based on the confirmation above and in order to eliminate any causes which would lead to such event, the loan agreement regarding funds necessary for continuance of our flight operations was duly executed by and between Development Bank of Japan and us today.

As we announced in the press release entitled “Announcement of Application for and Acceptance of Turnaround ADR Procedure” dated November 13, 2009, we already applied for the Turnaround ADR Procedure, and the treatment of our repayment of debts under the loan agreement above, etc. in preference to other claims held by the participants of the Turnaround ADR Procedure was approved at the First Relevant Creditors’ Meeting held on November 20, 2009.

Sounds like the JAL is running out of money rumor is true (surprise? LOL). Things aren't looking good but at least now I can worry less about my upcoming flights in December :)

Source: JAL Press Release

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