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Wednesday, 3rd June 2009
In Business In Japan,

Japan Airlines 'could receive 100bn yen loan'

Struggling air carrier Japan Airlines could be about to receive a 100 billion yen (£632 million) loan from the Developmental Bank of Japan (DBJ).

The Nikkei Business Daily has reported that the DBJ will enter into an agreement with Mizuho Corporate to provide the bulk of the loan, with the Bank of Tokyo-Mitsubishi and Sumitomo Mitsui Banking providing smaller contributions.

Japan Airlines has yet to confirm the deal, but the company had previously applied to the DBJ for a low-interest loan of around to 200 billion yen as part of a government bailout scheme.

Although the company remains the biggest airline in Asia, its financial situation is precarious, posting an annual loss of 63.2 billion yen for the financial year ending in March 2009.

The airline endured further bad news last week when it was forced to cancel more than 30 domestic flights due to a computer glitch at Tokyo's Haneda Airport.

Written by Graham McPherson

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