JAL to file for bankruptcy?
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JAL to file for bankruptcy?
JAL shares plunge to record low
12-01-2010
Shares in Japan Airlines have plunged 45 percent to a record low in Tokyo trading, on speculation that the carrier will file for bankruptcy. The move will likely wipe out the investments of many people, including 1.6 million small shareholders. The cash-strapped airline has been bailed out at least three times over the past nine years.
......quoted from Hong Kong news service - link below. The Sunday Torygraph had an article saying this would be unhelpful to BA, presumably because BA and JAL are in the same alliance (along with Cathy Pathetic).
Any views? Me not a journo.
RTHK English News
12-01-2010
Shares in Japan Airlines have plunged 45 percent to a record low in Tokyo trading, on speculation that the carrier will file for bankruptcy. The move will likely wipe out the investments of many people, including 1.6 million small shareholders. The cash-strapped airline has been bailed out at least three times over the past nine years.
......quoted from Hong Kong news service - link below. The Sunday Torygraph had an article saying this would be unhelpful to BA, presumably because BA and JAL are in the same alliance (along with Cathy Pathetic).
Any views? Me not a journo.
RTHK English News
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Expat Pilots?
Does anybody have a feel for the number of contract expats at JAL these days? I would suppose if JAL wihdrew from the international markets many of these jobs would be in jepordy.
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The traveling public doesn't need JAL... nor Alitalia, nor British Airways.
If they go under another carrier will pick up the demand.
On worse terms & conditions, no doubt...
.. but only for the overpaid employees..
The paying customers should rejoice.
If they go under another carrier will pick up the demand.
On worse terms & conditions, no doubt...
.. but only for the overpaid employees..
The paying customers should rejoice.
I had heard that many of their troubles have been caused by their government making them invest in unrealistic infrastructure to support the government's policies, such as the new airport between Tokyo and Osaka.
If this is so then the government should support them.
MM
If this is so then the government should support them.
MM
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This goes back to the folly that was a 'house' of cards on Wall Street that spread round the world when it all fell down in a sort of domino effect, global Ponzi scheme.
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Does anybody have a feel for the number of contract expats at JAL these days? I would suppose if JAL wihdrew from the international markets many of these jobs would be in jepordy.
The last of the expat flight deck crews were "unceremoniously dumped" early last year after having given JAL 50 years (IASCO) of safe and productive service. I don't think there will be a lot of sympathy from the last 140 crewmembers who were given the boot from the Hawaii base in March. It was OK while it lasted but the JAL management had no clue, couldn't adapt to the changes in the industry and carried on, business as usual, as if they were still in the heydays of the '70's and 80's.
Carry on with the tea ceremony.
The last of the expat flight deck crews were "unceremoniously dumped" early last year after having given JAL 50 years (IASCO) of safe and productive service. I don't think there will be a lot of sympathy from the last 140 crewmembers who were given the boot from the Hawaii base in March. It was OK while it lasted but the JAL management had no clue, couldn't adapt to the changes in the industry and carried on, business as usual, as if they were still in the heydays of the '70's and 80's.
Carry on with the tea ceremony.
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Looks my my boss has been charged with getting them sorted out:
http://mdn.mainichi.jp/mdnnews/business/news/20100114p2a00m0na007000c.html
Hope that helps your discussion. If not - apologies for a waste of pixels
http://mdn.mainichi.jp/mdnnews/business/news/20100114p2a00m0na007000c.html
Hope that helps your discussion. If not - apologies for a waste of pixels
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JAL will make announcement on the 19th of this month. Looks more a restructuring than anything else.
Look at this FLightglobal post:
JAL to slash workforce and sell non-core assets
Bigmosquito.
Look at this FLightglobal post:
JAL to slash workforce and sell non-core assets
Bigmosquito.
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January 13th、2010
Present Strategy of Our Support Plan for Japan Airline
Please be informed that Enterprise Turnaround Initiative Corporation (hereafter ETIC), a
quasi sovereign turnaround fund, is in process of forming a business revitalization plan to
support Japan Airline, in which we intend to ensure all of its business operations on and off
the grounds to be performed smoothly without any interruption as usual with sufficient
amount of capital. The followings are planned to be included in the said plan.
(1) All the credits related to the regular business are to be protected. i.e.) No change is to
take place in the payments related with these credits
(2) No influence over the usage of the flight tickets. i.e.) All the flight tickets are to be used
as usual including changes, refunds and etc.
(3) The leasing fees under the Aircraft Leasing agreements are to be paid as usual.
(4) No changes on “frequent flyer mileage”. i.e.) It can be used as usual.
(5) Flight coupons issued for the shareholders are valid until the original maturity dates.
Thank you.
Enterprise Turnaround Initiative Corporation of Japan
Present Strategy of Our Support Plan for Japan Airline
Please be informed that Enterprise Turnaround Initiative Corporation (hereafter ETIC), a
quasi sovereign turnaround fund, is in process of forming a business revitalization plan to
support Japan Airline, in which we intend to ensure all of its business operations on and off
the grounds to be performed smoothly without any interruption as usual with sufficient
amount of capital. The followings are planned to be included in the said plan.
(1) All the credits related to the regular business are to be protected. i.e.) No change is to
take place in the payments related with these credits
(2) No influence over the usage of the flight tickets. i.e.) All the flight tickets are to be used
as usual including changes, refunds and etc.
(3) The leasing fees under the Aircraft Leasing agreements are to be paid as usual.
(4) No changes on “frequent flyer mileage”. i.e.) It can be used as usual.
(5) Flight coupons issued for the shareholders are valid until the original maturity dates.
Thank you.
Enterprise Turnaround Initiative Corporation of Japan
Would this pending insolvent be the same Japan Air Lines who have in recent days taken considerable time from the executives of (in particular) American Airlines and Delta Airlines, all running across to Tokyo to court JAL to a) oh do stay in the OneWorld Alliance, please, and b) oh do come and join us in the SkyTeam Alliance, please.
Are JAL fiddling while Rome burns ? Do the execs of these two USA majors have no idea of what is going on ?
Are JAL fiddling while Rome burns ? Do the execs of these two USA majors have no idea of what is going on ?
