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Wednesday, April 21, 2010

Japan Transport Minister: JAL might delay restructuring plan court filing

Japan Transport Minister Maehara spoke at the House of Representatives today. He mentioned that Japan Airlines (JAL) might delay its restructuring plan court filing.

The original plan is to finalize the restructuring plan by end of June. But if you read my previous post, JAL CEO Dr. Inamori is still fighting with the government and bankers because he refuses to cut more jobs or routes. That is probably one of the main reasons JAL has to delay the filing.

But thanks to the recent improvement in bookings, JAL has improved its cash flow situation and therefore delaying the filing probably won't cause another bankruptcy. Didn't he said JAL has to cut more routes to avoid 2nd bankruptcy a week ago? Well, I don't trust a word from this guy's mouth anymore...

Isn't it ironic that JAL is the most on-time airline in 2009 but its own restructuring has experienced delay after delay?

Source: NHK News (in Japanese with video)

Related Posts:
Inamori says NO to deeper job and route cuts
March is a profitable month for JAL!!!
Japanese Banker Association Chairman: We need to be onboard

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