Japan Airlines yesterday secured Y100bn ($1bn) in emergency funding after the Japanese government agreed to guarantee new loans to the deeply indebted group.
Asia's biggest carrier by revenues, which has seen the results of a four-year restructuring undone by the global economic downturn, had been seeking up to Y200bn from existing creditors including the state-backed Development Bank of Japan.
Under a deal agreed by cabinet ministers, JAL is to receive half of the requested funds as early as next week. The largest portion, likely to total at least Y60bn, is to be provided by the DBJ and will carry a state guarantee covering up to 80 per cent of any losses, according to people close to the matter.
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