Tags: Japan Air | Bankruptcy Plan | Support

Japan Air Rattled as Bankruptcy Plan Gains Support

Wednesday, 06 Jan 2010 02:52 PM

Shares of Japan Airlines fell nearly 7 percent on Wednesday after a newspaper said the carrier's main creditor and the finance ministry support bankruptcy as a way to restructure the heavily indebted airline.

The report in the Nikkei business daily added to growing speculation that JAL, Asia's largest carrier by revenues, was headed for bankruptcy as part of a rescue plan being hammered out by a state-backed turnaround fund and Japan's largest banks.

JAL shares have swung violently over the past few weeks.

They surged 34 percent in the past two days on news the government was aiming to boost its short-term funding, bouncing back from a 24 percent plunge on the last trading day of 2009.

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Shares of Japan Airlines fell nearly 7 percent on Wednesday after a newspaper said the carrier's main creditor and the finance ministry support bankruptcy as a way to restructure the heavily indebted airline. The report in the Nikkei business daily added to growing...
Japan Air,Bankruptcy Plan,Support
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2010-52-06
Wednesday, 06 Jan 2010 02:52 PM
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