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Thursday, January 14, 2010

The Government will set JAL's "X-day" today and JAL is 145 billion yen "richer"

According to Nikkei.com, the Transport Minister will meet with the Minister today to finalize the "X-day" for Japan Airlines. "X-day" is the term used to describe the day the ETIC will announce the restructuring package for JAL.

The rumored "X-day" is January 19 2010. Supposingly JAL will file for bankruptcy protection on that day and ETIC will appoint the new management for JAL and implement a series of restructuring. Hopefully the rumored date is true and put an end to this JAL madness...(and give me some well deserved rest...I don't even have time to finished my November December trip reports because of the recent JAL developments!)

JAL is also getting the remaining amount of the 200 billion yen credit line from DBJ today. It has used up 55 billion yen so far, that means 145 billion yen will be available to JAL today. This is a safety measure to ensure continuous operations (say when airports require JAL to pay for the landing fee and fuel on the spot with cash, JAL will have the money to do so.)

"If there is 200 billion yen, enough funds will be available, even if various problems become reality," Maehara, the minister of land, infrastructure, transport and tourism, said.

But how long will 145 billion yen last given the current booking situation?

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