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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World American Airlines ups ante in JAL bidding war AFP - Wednesday, January 13 Send IM Story Print American Airlines ups ante in JAL bidding war Slideshow: Full Photo Coverage: Business & Economy TOKYO (AFP) - – American Airlines on Tuesday raised the stakes in a bidding war with rival Delta for a slice of ailing Japan Airlines, whose shares crashed on fears that bankruptcy is imminent. American Airlines, its Oneworld alliance partners and private equity company TPG lifted their proposed investment in Asia's biggest carrier to 1.4 billion dollars, from a previous offer of 1.1 billion dollars. The US carrier is competing with Delta Air Lines, which has offered JAL a one-billion-dollar financial package, as the two airlines seek to increase their share of the lucrative Asian market. American's offer "brings stability and certainty to Japan Airlines at a time when it is most needed, as it faces turbulent times over the coming weeks and months," the US carrier's vice president, Thomas Horton, said. American said that by sticking with Oneworld, JAL stood to gain two billion dollars over the next three years from its links with other alliance members, including British Airways, Qantas and Cathay Pacific. "We believe we have a far superior proposal than the competing proposal," said Horton. "We've had a long-standing relationship with Japan Airlines." Investors dumped JAL shares on reports that the debt-ridden airline is likely to be delisted from the Tokyo Stock Exchange and is preparing for a court-backed bankruptcy filing, possibly next week. Prime Minister Yukio Hatoyama suggested Tuesday that shareholders should share the pain, saying they had "certain responsibilities." Japan's government has pledged to avoid a collapse of the former state-owned carrier, but has refused to rule out bankruptcy proceedings, which could aid JAL's restructuring but would likely leave investors out of pocket. JAL's share price plunged by the daily limit of 30 yen, or almost 45 percent, to hit a record low of 37 yen Tuesday amid a glut of sell orders. The shares have tumbled 72 percent over the past three months. JAL, which lost about 1.5 billion dollars in the six months to September, is seeking its fourth government bailout since 2001 to enable it to keep flying in the face of mounting debts. According to Japanese media, JAL is set to receive an injection of public funds worth several hundred billion yen (several billion dollars) under a restructuring package that would see it file for bankruptcy protection. At the same time JAL's creditor banks are expected to be asked to forgive loans worth several hundred billion yen. JAL is "too big to fail" but the Japanese government may irk voters if it throws cash at the ailing carrier, said Peter Harbison, executive chairman of the Centre for Asia Pacific Aviation, a Sydney-based consulting firm. The airline needs to take some tough restructuring decisions that "have been skirted for too long," he said. The airline is reportedly set to slash more than 15,000 jobs over three years to stem massive losses. JAL is hobbled by heavy costs stretching back to its days as a state-owned flag carrier, as well as a route network that includes flights to small domestic airports that are often unprofitable to service. But JAL is not the only Asian airline that is suffering, Harbison noted. "There aren't that many airlines in the region that are all that healthy right now. Governments are digging fairly deep to keep these sometimes geriatric flag carriers in the air," he said. The government and the turnaround body are said to be considering tapping Kazuo Inamori, the 77-year-old honorary chairman of electronics maker Kyocera Corp., to become chief executive of JAL during the restructuring process. 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