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Friday, 18th September 2009
In Business In Japan,

Japan Airlines gets bid from consortium

Three major airlines have joined forces to make a bid for the fledging Japan Airlines, it has been reported.

According to reports, British Airways, Qantas and American Airlines have formed a consortium to make a rescue bid for Japan Airlines, which is looking to secure 250 billion yen.

Fellow carrier Delta Airlines has previously expressed interest in Japan Airlines and it is thought that the three-way team up is partly to stop an offer from Delta.

As well as Delta Airlines, Air France-KLM and Korean Airlines are also believed to have made offers to purchase stakes in the company.

The Times reported that sources close to Japan Airlines said the carrier is looking at "at least two serious rescue proposals".

Credit rating agency Standard & Poor's has now put Japan Airlines on its negative credit watch list, due to its financial problems and weak performance.

In a statement, Standard & Poor's said that the step "reflects the prevailing uncertainty over the company's short-term financing".

Written by Kimberley Homer.

Related news stories:
Japan Airlines announces US airline deal (13th January 2011)
Japan Airlines 'to take American offer' (9th February 2010)
New management take over Japan Airlines (3rd February 2010)
US carrier makes new offer to Japan Airlines (3rd December 2009)