| NEWS ARCHIVES |
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| JAL will not be allowed to accept investment from US carriers until new management in place |
| 11 Jan 2010 |
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US carriers will reportedly not be invited to invest in troubled Japan Airlines (JAL) until after a new management is in place.
Sources say Delta Airlines and American Airlines, which have been courting JAL with rival offers of financial aid, will not be part of JAL’s rescue process for now.
Japan’s state-backed turnaround fund, called the ETIC, is in charge of JAL’s future.
It believes that any decision on its overseas partner should be made in coordination with JAL’s new management.
JAL, Asia's largest airline by revenue, will likely file for bankruptcy this month as part of a state-led restructuring.
ETIC is also hesitant about an investment from Delta or American, as it could also complicate JAL's restructuring.
Separately, Japan’s government is said to have sounded out 77-year-old Kazuo Inamori about becoming JAL’s new CEO.
The honorary chairman of electronics components maker, Kyocera, turned the firm into one of Japan's most profitable technology companies.
The ETIC has been looking to bring in an outsider to replace current JAL CEO Haruka Nishimatsu, who has indicated he would resign. |