Revitalization Of Japan Airlines

Development Bank of Japan approves JAL loan

Image via jaunted.com

Japan Air Lines submitted an application to the Minister of Land, Infrastructure, Transport, and Tourism today for the confirmation that should an event which would interfere with its flight operations occur, the convenience for users and corporate activities would be significantly affected. This was confirmed by the Minister.

Based on the confirmation above and in order to eliminate any causes which would lead to such an event, the loan agreement that will provide the funds necessary for JAL to continue its flight operations was duly executed today by and between the Development Bank of Japan and Japan Air Lines.

JAL has already applied for the Turnaround ADR Procedure and the treatment of its repayment of debts under the loan agreement above in preference to other claims held by the participants of the Turnaround ADR Procedure; this was approved at the First Relevant Creditors' Meeting held on November 20, 2009.

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