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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Report: Troubled JAL mulls raising $2.8 billion AP - Sunday, September 13 TOKYO - Money-losing Japan Airlines Corp. is considering raising 250 billion yen ($2.8 billion) from financial institutions and others including Delta Air Lines Inc. under a major restructuring plan, a newspaper said Sunday. ADVERTISEMENT The airline, known as JAL, is to announce its management improvement plan by the end of September. Under the plan, JAL hopes to raise 250 billion yen, Japan's Nikkei business daily said Sunday, citing no sources. JAL will seek capital from banks, investment funds and others including Delta, the world's biggest airline operator, the paper said. Officials at JAL could not be reached for comment Sunday. The company said in a statement Saturday it was aware of reports on tie-ups between JAL and foreign carriers, but said nothing has been decided. Hit by plummeting demand amid a slumping global economy and swine flu fears, JAL incurred its biggest-ever quarterly net loss of 99 billion yen ($1 billion) in the three months to June. Delta is in preliminary discussions about buying a stake in JAL for about $300 million. The U.S. airline giant could become a leading shareholder in JAL and get coveted access to Haneda Airport, close to Tokyo's business district, according to a person briefed on the Delta situation. The Nikkei said Delta has offered to invest as much as 50 billion yen ($550 million), which would give it a 11.2 percent stake in JAL. Delta's rival American Airlines is also negotiating a possible investment, according to a person familiar with the talks. American would like to form a joint business venture with JAL, in which the two carriers would seek antitrust immunity to work closely in setting schedules and prices for service around the world, according to the person, who spoke Saturday on condition of anonymity because of the sensitive nature of the talks. JAL is also in talks with Air France-KLM, Europe's biggest airline group, over a capital tie-up, Japan's top-selling newspaper the Yomiuri, reported Saturday. JAL has forecast a net loss of 63 billion yen for the fiscal year to March 2010, and plans to cut the number of flights and slash costs by 53 billion yen during the current fiscal year and another 100 billion yen in the next fiscal year. The Nikkei said JAL would cut 4,700 jobs equal to about 10 percent of its group work force under the restructuring plan. The airline will also sell subsidiaries and assets to raise capital. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business Michigan Sugar Co. expects 3.7M ton beet harvestAP - 2 hours 42 minutes ago Egyptian budget airline expects end-of-year launchReuters - Monday, September 14 RPT-UPDATE 2-American Airlines in talks to invest in JAL -sourceReuters - Monday, September 14 SAfrica minister cautious over MTN, Bharti proposalReuters - Monday, September 14 $100 million question: Where's broadband in US?AP - Monday, September 14 Most Popular – Business Viewed Remains of Jesus-era synagogue found in Israel Magna wants to cut 10,500 jobs, 4,500 in Germany: report Britain apologises to WWII code-breaker hero Wells Fargo probing Malibu mansion parties One shot enough against swine flu, US studies confirm View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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