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Friday, January 15, 2010

Rumor: Two core JAL subsidiaries will also file for bankruptcy and more possible business withdrawals

Nikkei Net (Japanese version of Nikkei.com, the English version of the article is available to subscribers only) reports that the two core subsidiaries of Japan Airlines will file for bankruptcy together with the parent company.

The two core business units are Japan Airlines International Co., Ltd. (JALI) and JAL Capital Co., Ltd. JALI is the unit to provide air transport (both domestic and international flights) and aircraft maintenance service while JAL Capital is the unti responsible for raising operational funds. Both are expected to file for bankruptcy protection together with Japan Airlines Corporation on the "X-day", i.e. January 19 2010.

The report also mentions possible withdrawal from the cargo business and the remote island routes. No wonder JAL has to delay the talk with NYK regarding the cargo merger. Maybe there won't even be a merger by then. It will more like a takeover. 4 more days then we will know which parts of all of those rumors are true :)

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