For those who think only the US gov't is bailing out its industry, think again......its happening all over.
Report: Japan Airlines may get 100B yen in loans
(AP:TOKYO) Japan Airlines may receive a 100 billion yen ($1.04 billion) loan to help it through the global slump, Japanese media reports said Wednesday.
Szehunn Yap, spokeswoman for Japan Airlines Corp., Asia's biggest carrier, said the reports were speculative, and there had been no word yet on the loan request. JAL, as the carrier is known, has been seeking up to 200 billion yen in loans.
Kyodo News agency, citing unidentified sources, said the Development Bank of Japan, which has government backing, and three other major Japanese banks _ Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp. and Bank of Tokyo-Mitsubishi UFJ _ are in the final stages of loaning about 100 billion yen to the carrier.
The Japanese government has been boosting the availability of loans to help cash-strapped companies ride out the global slump.
Japan Airlines sank into a 63.2 billion yen loss for the fiscal year ended March, in contrast to the 16.9 billion yen profit for the previous year. It is expecting more red ink for the fiscal year through March 2010.
Kyodo reported the banks are ready to provide the loans but may demand additional restructuring to cut costs. The airline has said it will further reduce costs this year by 53 billion yen by boosting efficiency in sales, maintenance and fuel usage.
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