It’s done. Japan Airlines (JAL) has filed for bankruptcy protection.
A turnaround organisation says it plans to inject about 300bn yen into JAL, with a 600bn-yen credit line and get 730bn yen in debt waivers. With stock at an all time low, it will be de-listed from the Japanese Stock Exchange on Wednesday 20th.
Of course, it wouldn’t be a crash story without the companies sniffing around the carcasses. In this case, Delta was first out of the door with a statement.
“Delta and SkyTeam fully support Japan Airlines and stand ready to provide assistance and support in any way possible.
“Delta fully expects that JAL, with the support of ETIC, will be successful in its restructuring and return the airline to a position of prominence.”
In other words, once the re-organisation is nearing complete, expect a transition to SkyTeam…