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Sunday, January 3, 2010

DBJ doubles JAL credit line

The Development Bank of Japan agrees to double Japan Airlines' credit line to 200 billion yen after a meeting with the ministers on Sunday.

According to The Wall Street Journal,

Deputy Prime Minister Naoto Kan, transport minister Seiji Maehara and other ministers in charge of a state-backed bailout for the nation's largest carrier came up with the sum during a meeting at the prime minister's office on Sunday afternoon.

...

The government is said to be split over how to rescue the carrier. Kan, who oversees ETIC, and some other Cabinet ministers favor court-backed bankruptcy proceedings, while Maehara opposes it for fear such a move would hinder JAL's operations.

The Japanese government has waited way too long and it's time to make a decision (they should have done this back in September). Please come up with something quick. There are people and companies out there avoiding to fly on JAL because of the uncertainty. And this is NOT helping JAL! The longer you wait, the more money JAL will need. So make up your mind NOW!

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