Japan Airlines

Report: JAL will need $3.3 billion

Image via mynetbizz.com

A government task force working on a turnaround plan for Japan Airlines International Co. Ltd. will reportedly seek ¥300 billion ($3.3 billion) in new capital for the troubled airline from public and private sources.

The amount, which the Nikkei business daily reported Wednesday, is double the ¥150 billion previously mentioned in JAL restructuring discussions. The airline also seeks to erase nearly half of its ¥600 billion in debt by convincing a skeptical group of lenders to waive loans or trade debt for equity.

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