Board of Directors Japan Airlines filed in the Tokyo District Court a declaration of bankruptcy the airline and its application to the law on the rehabilitation of companies. Then begin the process of restructuring Japan Airlines under the patronage of the authorities of Japan. Appeal to the Tokyo District Court will provide Japan Airlines protection from claims of creditors and will continue to fly during the reorganization.
In Japan, planned one of the largest in corporate history of bankruptcies. Speech on the carrier, Japan Airlines, which is experiencing serious financial difficulties due to a sharp decline in p1000assenger traffic due to the global financial crisis and the epidemic of influenza A/H1N1.
Total debts
Japan Airlines valued at 2.3 trillion. yen ($ 25.4 billion). As a result of trading on Jan. 18, 2010 market value of securities Japan Airlines has dropped to a new absolute minimum of 5 yen (6 U.S. cents) and now the whole company is only valued at $ 150 million - less than the price of a new large passenger aircraft. Debts Japan Airlines in more than 100 times its capitalization.
Now Japan Airlines will go through the process of restructuring, which will manage state-owned Enterprise Turnaround Initiative Corp. (ETIC), authority to help restore the enterprises established by the State and 130 financial institutions in Japan. ETIC will act as property manager of the airline. “The Government intends to continue to support Japan Airlines, to ensure stable and secure its continued operations,” - said Minister of Transport of Japan, Seiji Maehara. Secretary of the Government of Japan Hirofumi Hirano said that the aircraft Japan Airlines will continue to make their flights.
recovery plan Japan Airlines sets up new financial investments, debt restructuring, staff reductions, a change in leadership of the company. In the process of restructuring the State Development Bank of Japan will open a credit line of 600 billion yen ($ 6.63 billion) to replenish the shortage of working capital. In addition, the Development Bank of Japan will increase to 145 billion yen in the existing line of credit in the airline”s 200 billion yen. ETIC will Japan Airlines financial assistance amounting to 300 billion yen ($ 3.31 billion).
largest creditor Japan Airlines, including Japanese banks will be forced to write off or restructure the debts of Japan Airlines at 730 billion yen (about $ 8 billion). ETIC already reported that the equity of Japan Airlines will be reduced by 100%, that is, the airline will be delisting shares on the Tokyo Stock Exchange, and investors will lose all funds in Japan Airlines.
Japan Airlines
Restructuring involves a number of radical measures. By March 2013 will be reduced by approximately 15.7 thousand airline staff (35% of staff), assets - cut, part of domestic and international routes - closed. The plan includes the closure of 27 branches of the company in the world, the cessation of 53 out of 110 subsidiaries, which include a small regional carriers and the companies involved, for example, in hotel and tourism business. In addition, Japan Airlines plans to cancel 16 international routes. Because of these measures by March 2013 Japan Airlines should receive a profit of 115.7 billion yen ($ 1.27 billion) a year.
Bankruptcy
Japan Airlines harming the 1,5 thousands of small businesses. Small firms with a turnover of $ 10 million and less make up half of all business partner Japan Airlines. According to experts, all these companies after bankruptcy airline faced with declining sales. Nevertheless, their loss will not be critical, since the bankruptcy of Japan Airlines will be held by the scheme, which guarantees the payment of debts of the company.
Currently, Japan Airlines is in alliance with the airline Oneworld, but may switch to a rival union SkyTeam. Despite the enormous problems of Japan Airlines, the largest U.S. airline American Airlines, which represents an alliance Oneworld, and the air carrier Delta Air Lines, which represents an alliance SkyTeam, led a tense battle for the partnership with a Japanese carrier. Through a partnership with the Japan Airlines American giants of the aviation industry expects to strengthen its market position in Japan, as well as benefit from the presence of the company for promising Asian markets air.
OGK-1 plans to transfer power unit № 3 Kashirskaya coal in 1 quarter 2010Maxim Poletayev: One of the objectives of the Moscow bank “Sberbank” - strengthening work with small businessesForex: euro weaker by the hourIn Asia today, the dynamics of the stock pads negativeEU ministers put pressure on GreeceOPEC raised its forecast negligible demand for oil in 2010IMF: Yuan is undervalued and should be free to bargainAnalytics - the outcome of the day
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The largest airline in Japan and Asia, announced the bankruptcy and restructuring
Board of Directors Japan Airlines filed in the Tokyo District Court a declaration of bankruptcy the airline and its application to the law on the rehabilitation of companies. Then begin the process of restructuring Japan Airlines under the patronage of the authorities of Japan. Appeal to the Tokyo District Court will provide Japan Airlines protection from claims of creditors and will continue to fly during the reorganization.
In Japan, planned one of the largest in corporate history of bankruptcies. Speech on the carrier, Japan Airlines, which is experiencing serious financial difficulties due to a sharp decline in p1000assenger traffic due to the global financial crisis and the epidemic of influenza A/H1N1.
Total debts
Japan Airlines valued at 2.3 trillion. yen ($ 25.4 billion). As a result of trading on Jan. 18, 2010 market value of securities Japan Airlines has dropped to a new absolute minimum of 5 yen (6 U.S. cents) and now the whole company is only valued at $ 150 million - less than the price of a new large passenger aircraft. Debts Japan Airlines in more than 100 times its capitalization.
Now Japan Airlines will go through the process of restructuring, which will manage state-owned Enterprise Turnaround Initiative Corp. (ETIC), authority to help restore the enterprises established by the State and 130 financial institutions in Japan. ETIC will act as property manager of the airline. “The Government intends to continue to support Japan Airlines, to ensure stable and secure its continued operations,” - said Minister of Transport of Japan, Seiji Maehara. Secretary of the Government of Japan Hirofumi Hirano said that the aircraft Japan Airlines will continue to make their flights.
recovery plan Japan Airlines sets up new financial investments, debt restructuring, staff reductions, a change in leadership of the company. In the process of restructuring the State Development Bank of Japan will open a credit line of 600 billion yen ($ 6.63 billion) to replenish the shortage of working capital. In addition, the Development Bank of Japan will increase to 145 billion yen in the existing line of credit in the airline”s 200 billion yen. ETIC will Japan Airlines financial assistance amounting to 300 billion yen ($ 3.31 billion).
largest creditor Japan Airlines, including Japanese banks will be forced to write off or restructure the debts of Japan Airlines at 730 billion yen (about $ 8 billion). ETIC already reported that the equity of Japan Airlines will be reduced by 100%, that is, the airline will be delisting shares on the Tokyo Stock Exchange, and investors will lose all funds in Japan Airlines.
Japan Airlines
Restructuring involves a number of radical measures. By March 2013 will be reduced by approximately 15.7 thousand airline staff (35% of staff), assets - cut, part of domestic and international routes - closed. The plan includes the closure of 27 branches of the company in the world, the cessation of 53 out of 110 subsidiaries, which include a small regional carriers and the companies involved, for example, in hotel and tourism business. In addition, Japan Airlines plans to cancel 16 international routes. Because of these measures by March 2013 Japan Airlines should receive a profit of 115.7 billion yen ($ 1.27 billion) a year.
Bankruptcy
Japan Airlines harming the 1,5 thousands of small businesses. Small firms with a turnover of $ 10 million and less make up half of all business partner Japan Airlines. According to experts, all these companies after bankruptcy airline faced with declining sales. Nevertheless, their loss will not be critical, since the bankruptcy of Japan Airlines will be held by the scheme, which guarantees the payment of debts of the company.
Currently, Japan Airlines is in alliance with the airline Oneworld, but may switch to a rival union SkyTeam. Despite the enormous problems of Japan Airlines, the largest U.S. airline American Airlines, which represents an alliance Oneworld, and the air carrier Delta Air Lines, which represents an alliance SkyTeam, led a tense battle for the partnership with a Japanese carrier. Through a partnership with the Japan Airlines American giants of the aviation industry expects to strengthen its market position in Japan, as well as benefit from the presence of the company for promising Asian markets air.
OGK-1 plans to transfer power unit № 3 Kashirskaya coal in 1 quarter 2010
Maxim Poletayev: One of the objectives of the Moscow bank “Sberbank” - strengthening work with small businesses
Forex: euro weaker by the hour
In Asia today, the dynamics of the stock pads negative
EU ministers put pressure on Greece
OPEC raised its forecast negligible demand for oil in 2010
IMF: Yuan is undervalued and should be free to bargain
Analytics - the outcome of the day
Energy, World Stock Market, Currency, Weather …
The stock market loser Citigroup results