Japan Airlines to list again on Tokyo exchange
By AP - TOKYO
04th August 2012 10:59 AM
Japan Airlines, which was bailed out by the government in 2010 and
removed from the Tokyo stock market, is going to be listed again next month,
likely allowing all public funds to be recouped.
JAL, which competes against All Nippon Airways in Japan, filed for one of the country's biggest-ever bankruptcies in January 2010, saddled with debt, unprofitable routes and a bloated workforce. It received a 350 billion yen government-orchestrated bailout.
The Enterprise Turnaround Initiative Corp. of Japan, the body overseeing JAL's bailout, said Friday it will sell the 175 million shares it owns in JAL as part of the listing that is slated for Sept. 19. The value of that share sale is estimated at more than 600 billion yen ($7.6 billion), according to Kyodo News service.
JAL has been aiming for a comeback by trimming routes, slashing jobs and entering the low-cost carrier business, which is still relatively new for Japan because of a protected airline industry. It has returned to profitability recently.
JAL in the past had been battered by safety lapses and ballooning pension obligations.
- India's bleeding insurgencies: Lessons from Latin America
- Western Ghat report has imperialist mindset: Ecologist
- Lot more to India-China ties than border stand-off: Experts
- Major industrial conglomerates making a beeline for Haryana
- Man kidnapped 23 years ago finds kin thanks to Google Maps
- Bangalore's techies start 'brand tattoos' craze
- Indian circuses struggle to adapt after court bans
- Want hassle-free tatkal ticket? Personally visit special counters
- Rs 8K-crore plan for upgrading ICVs of Army
- Man arrested for attempt to attack TV host Ranjini Haridas
- Sreesanth, 2 other players 'confess'; more players under scanner
- Kalabhavan Mani missing after assaulting forest staff
- Tamil Brahmi script dating to 500 BC found near Erode
- The toxic truth about ripe mangoes
- Shift me from ‘Anda’ cell, pleads Sanjay Dutt
- Meghalaya's CMJ University faces probe after awarding suspicious PhDs